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Coronavirus Impact: More than one-third of British pledge to manage their money smarter

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According to recent research, pandemics may only have helped us learn how to better manage our money.

Technology research company Toluna Conduct regular market and consumer analysis to pursue “Understanding Consumers in 2021”. Their latest study, which surveyed more than 1,000 UK respondents, examined how pandemics changed our economic habits.

What are their conclusions? Covid-19 helped many people realize the importance of budgeting, saving and understanding money. For many, COVID-19 has been a major catalyst for financial change.

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Work towards a better financial position

One of Toluna’s key discoveries is that pandemics have helped people improve their money management. Not only the money they are saving, but also how they spend it when they do so.In fact, the British turned a lot of focus Savings during the coronavirus blockade, Decided to shape their finances.

Among those surveyed:

  • 44% say the pandemic saved more money
  • 35% are focused on the budget
  • 27% want to pay attention to debt repayment
  • 19% are investigating long-term investments

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Optimism about spending

Perhaps even more surprising of the changes brought about by the pandemic is the growing optimism about managing money. According to a Toluna survey, 65% of UK residents are looking forward to spending their money again. Most people prioritize spending on basic everyday items over luxury items.

Many of the people surveyed are looking forward to returning to normal activity. At the top of the agenda were shopping, eating out, and access to services that had been closed for some time.

  • 43% want to go back to their favorite shop and do “real” shopping.
  • 36% can’t wait to sit back and eat at their favorite restaurant
  • 35% are losing beauticians above all

Takeaway lesson

Overall, the pandemic has had a huge impact on how people manage their money.Almost half of the British No savings before the pandemic, And those people were forced to immerse themselves in order to overcome difficult times.Since then, many have Emergency funds And increased their net worth.

Toluna is investigating a customer Focus on local brands More than ever this year. They also prioritize independent brands to support SMEs through the blockade of COVID-19. While 44% of shoppers miss shopping directly, many use online shopping to support their favorite local brands.

“”The economic impact is enormous and we are not far from the forest yet, but at least people have become more financially responsible as a result. ” Warrage says.. “People are trying to save more and remove debt that helps create a safer and more financially resilient future.”

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Coronavirus Impact: More than one-third of British pledge to manage their money smarter

Source link Coronavirus Impact: More than one-third of British pledge to manage their money smarter

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