Covid crisis sees younger consumers deliberately saving more

10 Aug, 2020

New research from Caxton, the travel money specialists, reveals how the coronavirus pandemic has changed the way people are managing their finances.

In a survey response from almost 16,000 cardholders, the key findings were as follows:

  • 39% of people say they are deliberately saving more.
  • 59% of those aged 18-25 say they are deliberately saving more, whilst for those in the 56-65 bracket the figure is less than half at just 26% whilst the percentage for over 65’s is only 19%.
  • Young people may be saving more, but 61% of 18-25’s still hope to travel abroad on holiday this year.
  • One in five 18-25’s said the crisis had made saving more difficult, compared with just 6% of those aged 65 or over.
  • However, in response to the question ‘have your finances been impacted by the pandemic’ only a fifth of 18-25’s said their finances hadn’t been affected, compared with 55% in the 56-65 age group and 70% for over 65’s
  • Older customers have not been affected as much financially but are the most nervous about going overseas on holiday – with only 1 in 3 hoping to travel abroad in 2020

 

Alana Parsons, Chief Operating Officer at Caxton FX commented on the findings: “It’s positive to see younger people making a conscious effort to save more, although the uncertainty of employment after the furlough scheme ends is no doubt a factor here.”

Despite the financial and economic disruption our customers are facing, there remains an eagerness to holiday overseas, with 52% of respondents still hoping to travel abroad this year”.