The coronavirus pandemic has impacted every part of our lives, perhaps none more so than our finances. With businesses across the country unable to run as normal, workers are feeling the impact: around 7.6 million jobs (24% of the workforce) are at risk, and people and places with the lowest incomes are most vulnerable. One hundred and forty thousand companies have applied for the coronavirus furlough scheme, while over 1 million people signed up for universal credit in April alone.
According to Credit Karma, younger Brits are more likely to take stock of their finances than previously. Looking to the future, almost half (48%) of Brits say they will be less frivolous when it comes to spending, and more than two fifths (44%) of people will be less spontaneous. More than a quarter (27%) of all Brits say they are doing more financial planning for the future than before the virus took hold – this figure jumps to 46% for those aged 18-34. And almost two fifths (18%) have spent time looking into financial products to prepare for future financial shocks – rising to 30% of 18-34-year-olds.