The Financial Impact Of COVID-19 On UK Consumers

May 14th, 2020

Luis Deya

Summary

In response to COVID-19, UK consumers are cutting down spending on nonessentials and relying on their savings, pensions, and credit cards as their primary tools for facing the crisis; only a handful are planning ahead by optimizing their investments and insurance coverage. Those ages 25 to 44, with dependent children, or who have been permanently laid off are the most anxious about their financial situation in light of COVID-19’s economic challenges. UK customers are reducing consumption, postponing big purchases, and delaying important life events — all of which will impact banks’ profits. UK banking executives need to understand these struggles and put customers' financial well-being at the core of their strategy, not only to improve the customer experience but also to future-proof their revenues.

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