Millions More Brits Feel Financially Secure Compared to Start of Pandemic
- 21.05.2021 02:56 pm
New research has revealed that millions of Brits’ financial health has improved during the coronavirus pandemic.
The study by money transfer experts RationalFX found that the number of people in the UK who described themselves as either “very comfortable financially” or “relatively comfortable financially” stood at 50% in March 2021.
That marks an increase of eight percentage points – more than four million people – from a year before, in March 2020, when the figure was 42% as the coronavirus pandemic took hold and the first lockdown began.
The number of people describing themselves as “very comfortable financially” reached 8% in May 2021, its highest ever percentage since YouGov launched the monthly tracking survey in July 2019, when the figure stood at 6%.
Back then, the population’s financial outlook was considerably more pessimistic, with only 41% of people considering themselves comfortable, and 18% saying they were struggling to make ends meet or worse.
However the most recent data for May 2021 shows that people struggling to make ends meet or having to go without essentials has now fallen to 12%.
The South (excluding London) ranked as the most financially comfortable area of the UK, with 57% describing themselves as either very or relatively comfortable.
Meanwhile London was behind only Wales as the area of Britain where the fewest people feel secure. In the capital 36% of people are comfortable, and Wales has just 31%.
In the North, 52% of people say they are financially comfortable, the second highest in the UK, ahead of Scotland (49%), and the Midlands with 43%.
Those over 65 are the most financially comfortable group, with 59% either relatively or very comfortable. In the 18-24 and 50-64 age brackets there are 54% in each who have few money worries, while the least comfortable age range is those aged 25-40, of whom just 40% describe themselves as comfortable.
Commenting on the figures, a spokesperson for RationalFX said: “Overall it’s a positive story for many Brits, as despite the disruption caused by the pandemic, millions more are feeling financially comfortable. Hopefully the upward trend can continue as we emerge from lockdown, and even more people have the opportunity to prosper.”
The research was carried out by RationalFX, which is one of Europe’s leading international payment providers, helping businesses and individuals to streamline their bank-to-bank transfers with smart global payment solutions.