Over 60% of Britons are feeling stressed over their financial position
The UK has been one of the world’s hardest hit countries in terms of COVID cases, so it’s no surprise that this uncertainty has triggered more financial worry in 61% of Britons than before the outbreak. By city, Bristolians are the most worried about their finances (66%), while those based in Birmingham (63%) and Cardiff (60%) are a close second and third, respectively.
Belfast the leading UK city for pandemic saving
With the worst yet to come, and long-term recession and tax implications yet to be fully determined, the pandemic has prompted 54% of Britons to save more money than usual each month. Leading the way, the people of Belfast have started saving more than any other UK city (64%), with Bristolians (62%) and Brighton-based Brits (56%) rounding off the top three.
Similarly, there’s also been a huge change in attitude towards spending, with over half of Britons (53%) treating the pandemic as a wake-up call and choosing now as the right time to get their personal finances in order, and nearly 60% changing their spending habits for the better.
Nearly three quarters of Spaniards are worried about their finances
The pandemic has been a cause for concern for many Spanish residents, with 71% now more worried about their personal accounts. Residents of Murcia (88%), Barcelona (85%), and Malaga (85%) are the most worried, while 73% of those living in capital city Madrid are also feeling the stress.
Malaga tops the charts for Spanish savers
The emergence of COVID has certainly caused a shift in attitude towards personal finances, with 61% of Spaniards considering the pandemic to be a wake-up call, 62% changing their spending habits for the better, and 65% now choosing to put a little more money aside each month to combat the long-term implications of an imminent recession.
Breaking it down by city, 77% of those living in Malaga are now saving more than they were at the beginning of 2020, followed by Alicante (76%) and Murcia (72%). Not far behind, 68% and 60% of those living in major hubs Barcelona and Madrid, respectively, have now started to save more.
Four-in-five Portuguese express concern over personal finances
Residents in Portugal have certainly felt the financial impact of COVID, with 80% stressed about their financial position. Those in Queluz are particularly concerned, with 85% expressing worry, while the people of Cacem (84%) and Braga (83%) are close behind.
People of Lisbon are Portugal’s most prolific savers
For 65% of Portuguese residents, the pandemic has proven to be a wake-up call, and 70% of nationals are choosing to make positive changes to their spending habits. To combat the yet-fully-determined financial implications of the pandemic, 65% have decided to start saving a little more money each month. The people of Lisbon are leading by example with 72% topping up their monthly savings, while those living in Funchal (71%) and Porto (68%) are following suit.
As the latest set of obstacles brought about by the pandemic present themselves, it’s important to recognise the ways you can prepare yourself financially. Discover the latest from us, including even more expert advice around making your finances go further.
New data from HM Revenue & Customs reveals that the combined value of retirement transfers to QROPS fell to £740 million in the 2017-2018 tax year, the first period since the government introduced a 25% tax charge, with the number of pension transfers down to 4,700 from 9,700.
John Westwood, Managing Director and founder of The Blacktower Group, has taken up the post of Chairman at FEIFA, the Federation of European Independent Financial Advisers, following the trade association’s AGM on 21st September. Following two years as an Executive Committee Member John is both pleased and proud to take on this important role.