What changed in the financial behavior of UK citizens in 2021?

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on reddit
Share on stumbleupon
What changed in the financial behavior of Brazilians in 2021?

Table of Contents

The year 2021 was marked by many uncertainties due to the coronavirus pandemic, impacting people’s lives and changing various habits in general. The financial behavior of UK citizens was one of them.

The economic situation of the people has changed in the face of the pandemic and has not yet normalized. Many people had to deal with reduced wages, unemployment, emergency aid, among other sources to maintain themselves.

It was thinking about it, that the HR Consultant UKy, together with the Opinion Box, prepared a report on the UK residents’s financial behavior, so that they have an overview of the situation and an understanding of how people are dealing with their own money, and how it can impact business.

Check out all the topics you’ll see in this guide below:

  • What is management and financial success ?;
  • How did the pandemic impact financial behavior in the UK ?;
  • What were the lessons learned during the pandemic ?;
  • What will you find in the E-book?

Good reading!

What is management and financial success?

In our guide, we bring the data collected in the survey on financial behavior conducted in February this year, with 2,096 Internet users. The concept of financial success proved to be a relative issue.

For 27% of respondents, success is achieving financial stability. 16% think that, more than having a stable situation, success also depends on a financial reserve, and 15% associate financial success with family comfort.

In addition, 85% of respondents believe that a healthy financial life is associated with recurrent spending tracking, and 80% say they control or record their spending, whether from an application, a spreadsheet or even a notebook.

But, regardless of that, in order to achieve the long-awaited success in finance, it is essential to invest in management. It is through it that you are able to put into practice actions and processes to ensure a healthy financial life.

Financial management involves planning, analyzing and controlling day-to-day activities to learn how to act in the face of investments, fixed expenses, loans and all the ways we deal with money.

Investments and loans in the UK

The survey shows that most UK citizens like to manage their own money, but that 69% are afraid of not being able to have a financial reserve in the future. In addition, 45% feel that impulse purchases undermine their financial management, and 29% spend most of the month without money.

Is this your case? To learn more about how to deal with unforeseen circumstances and not get in the red, check out our article with surefire tips: Financial unforeseen events: Discover how to prepare in just 5 steps.

Another important point about the UK residents’s financial behavior is about investments. 62% of respondents believe they know how to invest their money, with 33% saying that they already make some investment, 23% would like to invest, but do not have the resources to do so and 6% have no interest.

Now, when it comes to credit and loans, 51% have had to seek credit or loans in the market, with 20% having their credit or loan denied at least one of the times they tried.

Among the most used credit options are personal credit, loan and payroll loan. Now, if you want to know better what are the best options and the risks of investing in a loan in the face of a crisis, we also suggest reading of this article here to go deeper into the subject.

How did the pandemic impact financial behavior in the UK?

As we mentioned earlier, the coronavirus pandemic has changed many financial habits of UK citizens. Many people needed to reinvent themselves and adapt to new realities.

Income inequality has been a problem that has persisted in the UK for many years and, with the crisis of 2021, it is believed that this situation has been aggravated.

5% of respondents in the AB classes lost their jobs and have not yet been able to relocate, and 6% have been terminated, but are already working again. In the CDE classes, these numbers grow to 14%, and 9% respectively. 43% of the AB classes remained in the same job without salary reductions. In CDE classes, that number drops to 26%.

Debts and loans also afflict the lower classes more. 31% are managing to pay their debts on time, 14% are paying in arrears and also 7% have not yet contracted debts but imagine that they will need to do so soon. In the upper classes these numbers are 39%, 5% and 3% respectively.

What were the lessons learned during the pandemic?

In addition to impacting the monthly wage income of the lower classes, the pandemic also influenced the way people view their financial lives and provided many learnings.

79% of respondents understood during the pandemic the importance of a financial reserve, and 71% started to review the way they relate to money.

Also 71% affirm that, from now on, they will always have some money saved for emergencies, 66% reduced their spending on superfluous and unnecessary things, and 63% feel that they have learned to take better care of their money.

This change in thinking will be a key factor in changing the UK residents’s financial behavior in the coming years. Many people who were taken by surprise with the crisis ended up realizing the importance of saving and doing financial management.

Therefore, the forecast is that, for the coming years, UK citizens will start to take better care of their money, avoiding superfluous purchases and making a reservation for emergencies.

What will you find in the E-book?

In summary, we show some of the important points about the UK residents’s financial behavior that will be detailed in the E-book “The financial behavior of UK citizens today”.

Through this comprehensive guide, the reader will be able to understand point by point the influence of the pandemic in the face of different social classes. In addition to having information on loans, investments and the reflections and lessons learned during this period.

The E-book will cover:

  • Profile of the public surveyed;
  • Financial management;
  • Financial health;
  • Impacts of the pandemic;
  • HR Consultant UKy;
  • The Opinion Box.

Be sure to download this E-book, with unpublished data!

Enjoy and share this article with your friends, on your social networks, so more people will have access to this survey!

Conclusion

HR Consultant UK can help if you have any questions about What changed in the financial behavior of UK citizens in 2021?
. Our HR consultant in London can assist you if you live in London. Suppose you live further afield thats not an issue! Visit our HR Consultants Near Me page to find the best consultancy nearest to you.
See you next time!

admin

admin

Leave a Replay

Why HR Consultants UK!

HR Consultant UK Offers HR advice for local businesses in the UK. Our HR Consultants Near Me Page will help you get in contact with local HR Consultancy.

Alternatively, view our list of cities covered by HR experts.  Its time to get all your HR issues solved! 

Enjoy the Blog!

Recent Posts

Follow Us

Sign up for our Newsletter

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit

Where do you need an HR Consultant?

United Kingdom or
USA?!

Get local HR support in the UK and USA?

So that we can get you through to the right HR Consultant please let us know what is your location.

Get Quotes From Local HR Consultants

Talk with a Local HR Consultant in the United Kingdom Or United States.