Coronavirus pandemic ‘has had lasting impact on people’s attitudes to finances’
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The coronavirus pandemic has had a long-lasting impact on people’s attitudes towards saving and spending, a survey indicates.
Around one in four (26%) people believe they have become more focused on saving money in the past five years.
The research, commissioned by Chase, indicated this is being driven by people wanting to feel more in control of their financial situation, build emergency savings, and be prepared for any future financial shocks.
But, at the same time, a significant number of people also want to spend money to “live in the moment”, researchers found.
Around a fifth (21%) of people said recent challenges have encouraged them to make the most of life in the present day, including spending money on experiences.
Chase, a consumer banking business of JPMorgan Chase & Co, said this correlates with its own spending data, which showed a rise in consumer spending on entertainment and shopping in 2024.
Kuba Fast, UK chief executive of Chase, said: “Our research shows that the events of the last five years have significantly changed consumers’ attitudes to money. The unpredictability of recent years, including the pandemic, the increase in the cost of living, and geopolitical uncertainty means that consumers are switching their mindsets to be prepared to deal with anything.”
The research also found that 85% of people surveyed across the UK feel confident managing their money on a day-to-day basis, while a similar proportion – 83% – feel in control of their spending.
While less than a quarter (23%) said they have made a finance-related resolution this year, 86% of those who have have faith that they will stick to it, according to the survey of 2,000 people, carried out by Opinium at the end of 2024.
