UK Consumers Feeling Better About Their Personal Finances
A recent wealth and wellbeing survey by pensions and retirement specialist LV= indicates a slight optimism among UK consumers about the state of their finances in the near future. Around 18% of respondents anticipate an improvement in their personal finances over the next quarter as the UK eases lockdown restrictions, higher than the 12% who felt optimistic during the last edition of the survey late last year.
In addition, around 18% revealed that they had observed a pick-up in their finances over Q1 2021, up from 11% who indicated an improvement during the previous quarter. The lockdowns have also helped boost many consumers’ savings over the past several months, with around 27% revealing an increase in their savings during Q1 2021 as opposed to 23% who felt so in Q4 2020.
The rollout of the coronavirus vaccine across the country also seems to be doing its bit towards improving the mood among consumers. The number of people worried about contracting COVID-19 has reduced from 32% back in December 2020 to 23% in the current edition of the survey.
Managing director of savings and retirement at LV=, Clive Bolton, observes, “The last three months have been difficult for millions of people, but increasing numbers are becoming more optimistic about the future. LV=’s research indicates that although many people are still struggling financially, fewer people are worried about contracting Covid and an increasing proportion expect their finances to improve over the next three months.”
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