The most common rhetoric during the coronavirus is that life will not be the same as before, and recent research has found the pandemic has forced young Brits to think about their finances differently.
Quilter surveyed 1,014 UK adults and found 64% of 18-30-year olds will now consider getting financial advice following the lockdown.
Only 8% of the same cohort said they would not consider getting financial advice post-pandemic.
Just under half (46%) of 30-45-year olds said they would talk to an adviser, while 70% of Brits aged over-75s said they would not get advice.
Overall, Brits were split, as 37% said they would get financial advice, 29% wouldn’t and 34% were not sure.
Following the lockdown would you ever consider getting financial advice?
| Age | ||||||
| Total | 18-30 | 30-45 | 45-60 | 60-75 | 75+ | |
| Yes I would | 37.44% | 63.83% | 46.02% | 37.18% | 10.89% | 0% |
| No I would not | 28.82% | 7.45% | 20.35% | 21.79% | 55.45% | 70% |
| Not sure | 33.74% | 28.72% | 33.63% | 41.03% | 33.66% | 30% |
Source: Quilter
Investments
Quilter’s survey also found that the 18-30- year olds (48%) were the cohort with the highest number of people who have started or are saving more because of coronavirus.
They were followed by 30-45-year olds (31%), 45-60- year olds (14.1%) and 75+ (15%).
The cohort with the least number of Brits who had been saving because of coronavirus was the 60-75-year olds (12%).
What, if anything, have you done in terms of your finances because of coronavirus?
| Age | ||||||
| Total | 18-30 | 30-45 | 45-60 | 60-75 | 75+ | |
| Cash savings: I am saving more money/started saving | 47.87% | 47.87% | 30.97% | 14.1% | 11.88% | 15% |
Source: Quilter
Diversification
Rachael Griffin, tax and financial planning expert at Quilter, said: “It is incredibly encouraging to see that people in all age groups are finding ways to put more aside each month. Severe low savings and weak financial resilience has been an unfortunate norm in the UK.
“Remember the stock market is volatile and so you should invest assuming that it is going in for the long term.
“There are thousands of different investment assets available, from gold to government bonds, US equities to property and more. A financial adviser is there to determine the right place to invest money dependent on your goals.
“One thing that is important is diversification. Placing your money in a fund that invests in different companies, shares, properties and bonds will allow you to cushion market volatility and also achieve growth in different areas.”
