Those in the South East have saved the most, at an average of £3,150 while those in the East of England have saved the least, at £1,915
The pandemic had a deep impact on the finances of UK homeowners yet; 77% are positive about finances, according to newly released research from Canada Life.
According to the data, driving the confidence in the financial situation of this group is an increase in savings. 42% of UK homeowners over 40 have saved more during the pandemic. They have saved an average of £2,570 more this year. Those in the South East have saved the most, at an average of £3,150 while those in the East of England have saved the least, at £1,915. In contrast, 16% of respondents say they have saved less, with an average reduction of £1,550 this past year.
While there is confidence around their current financial situation, this is not replicated when it comes to saving for retirement. 21% don’t feel they will have enough to fund their aspirations such as home improvements, a holiday or car and a 31% don’t feel they will have enough pension savings to fund their dreams such as regular holidays or a second property.
Alice Watson, Head of Marketing, Insurance, Canada Life, said: Covid-19 has divided the nation when it comes to personal finances. Our research shows that many have been fortunate enough to have saved more this year, thanks to lower travel costs and fewer holidays. However, others have been facing financial difficulties, as many people navigate furlough or unemployment.
She said it’s encouraging to see so many people remain confident about their current financial situation. However, there is clearly a shift in confidence when it comes to retirement planning. This is where property wealth will play an increasingly important role, as people may be unable to rely solely on their pension income.
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