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”.