Are you feeling positive about the state of your finances right now? Especially amidst the pandemic?
One trend emerging from the Covid-19 pandemic and the associated lockdown was a typical cut in spending.
According to new research, nearly half of us are staying positive about our money matters after lowering our spending levels.
But, as the shops reopen for business, the fashion sector could suffer as more than two-thirds of shoppers say they will consciously spend less on clothing.
Cashback website, Top Cashback, spoke to people about their money sentiments.
When they asked the question before the lockdown, they found that 80% of us felt optimistic.
Turning to today, the same question prompted only 60% of people to claim they are feeling optimistic when it comes to their finances.
12% said they are feeling pessimistic.
Of those who are feeling optimistic about their financial future, nearly half said they were spending less money during the lockdown.
Half of the respondents said their financial circumstances look different following the pandemic, although not necessarily worse.
Some people are spending more money since the onset of the lockdown, with 20% experiencing higher food bills, or splashing out more cash on home improvements.
Thinking about steps we could have taken to be better financially prepared before the Covid-19 pandemic hit, nearly a fifth said they would have saved more money each month.
However, 455 said there was nothing more they could have done to better prepare their finances.
Adam Bullock, UK Director of TopCashback.co.uk, said:
“It’s encouraging to see a percentage of people feeling optimistic about their finances, despite the current climate. However, it’s also important to remember that we, as an entire population, may be feeling the effects of the pandemic for years to come.
“Whilst every financial situation is particular to the individual, as a money-saving platform, we would always encourage people to save money where and when they can. Now is a great time to be analysing your finances so that when normal returns (if ever that happens) you will hopefully be feeling some of the benefits of learned behaviours.”
At times like this, it is possible to be prepared – this can be achieved by having a wealth plan. It is important to plan your financial future to accommodate for many potential scenarios, especially if you’re a business owners or practice owner professional.
If you would like to speak with a wealth planner, you can contact us via email, scheduling your Exploration Call or by our online contact form on our website.
We provide lifetime wealth planning tailored to you and your personal situation and circumstance and would love to hear from you.