Despite seeing a hit to their income more people in this age group are investing and saving and more are seeking financial advice, according to a survey for NFU Mutual.
The survey of NFU customers found that the pandemic has caused more than half of savers to change their attitudes towards investing and saving with many looking to save and invest more.
Key survey findings:
- 52% of people said Covid-19 had changed their attitudes to investing and saving
- 53% said their disposable income had stayed the same, while 19% had seen it increase and 25% had witnessed a decrease
- 76% have invested or saved in the last three months, with cash savings and cash ISAs still the most popular route
- 21% of people are more likely to invest at the moment, especially those under 55
Half of those investing more say they have been prompted by the pandemic to make themselves more financially secure. This was particularly the case for women and those under 55.
Despite the fact Coronavirus has reduced the income of 25% of respondents, with the majority of those affected under 55, that age group has been prompted to seek financial advice and save more as they prepare for a future after the pandemic, says NFU Mutual.
Richard Needham, investment & savings expert at NFU Mutual, said: “These figures prove that, despite the negative financial impact the pandemic has had on the stock market and on incomes, many people are looking at ways to best prepare themselves financially for the future.
“Those who now have more disposable income, usually because they are spending less due to restrictions, are trying to invest that extra money.
“Even where customers have taken a hit to their incomes they are still looking at ways to save for the future.”
• NFU Mutual surveyed 614 customers in July.