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One in 10 ‘now feel better off financially than before coronavirus pandemic’

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One in 10 (10%) adults feel financially better off now than they did before the coronavirus pandemic, a survey has found.

But the majority (59%) said the crisis has made them feel less financially secure, according to Standard Life Aberdeen.

While many people have been furloughed, lost their job or had pay cuts during the pandemic, some people have been able to maintain their income while also spending less money during the lockdowns.

Nearly half (48%) of people worry about their financial situation, while a third (33%) do not like to think about their long-term financial future, the survey of more than 2,000 people across the UK found.

The survey also found 18 to 34-year-olds typically hold the biggest proportion of their money in investments compared with any other age group, investing 45% of their savings on average.

Looking ahead, 60% said they also plan to increase their investments in the future.

Al Ward, head of customer savings at savings app Choices by Standard Life Aberdeen, said: “If you are uncertain about your finances then you might consider speaking to a professional adviser to ensure greater confidence in the long term.

“They will be able to help you understand what is right for you now and help you plan to reach your financial goals for the future.”

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