In the wake of the pandemic, all consumers in Britain today find themselves in a different financial position to the one they would be in had the COVID-19 crisis never happened.
Some have seen real hardships as careers have disappeared under lockdown, whilst others have actually managed to save money – in some instances a considerable amount – as they have continued to earn, but had fewer opportunities to spend due to lockdown-related restrictions for retail, travel and other services.
Financial services advertisers today must understand the needs of consumers right across the financial spectrum in order to provide them with relevant services. However, they also need to understand these consumers more broadly – their attitudes, preferred activities, media consumption etc. – in order to be able to engage with and reach them efficiently.
Insights from the July monthly release of our Great Britain TGI consumer data reveal five key consumer financial trends, including who has saved during the pandemic, the support consumers feel banks and the government should be providing, and the future financial plans of those who have struggled financially during the pandemic.
Highlights from the data include:
- Most adults claim they managed to save money during the pandemic, with half saving at least £1,000.
- A third of adults claim to have struggled financially since the pandemic started…and they are far more likely than other adults to claim they are taking a proactive role in managing their money since the coronavirus outbreak.
- Nearly two thirds of adults believe that banks and building societies should do more to provide financial flexibility to people affected by the pandemic.
- Almost half of adults say that the way banks, building societies and insurance companies have behaved during the pandemic will influence their future decisions
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