A survey from Experian shows that in the UK, 6 in 10 people say they have become more aware of their finances since the start of the coronavirus pandemic, rising to 7 in 10 who have been in temporary leave.
More than a third (35%) of people surveyed think how much they know about financial matters has improved during the lockdown, with 30% actively researching financial advice or guidance to help them manage their money. Younger adults aged 18-24 were the most likely age group to say they have improved their financial literacy, with half (50%) saying they have done so. The survey also found that 35% of people had managed to save more money in recent months than before the coronavirus pandemic, rising to 40% for people who have improved their financial knowledge.
James Jones, head of consumer affairs at Experian, said: “The coronavirus pandemic has caused financial difficulties for many. People are looking hard at how best to prepare for the potential economic challenges ahead.”
Nearly a fifth (18%) of people had already cancelled a direct debit during the pandemic before speaking to a lender according to the survey of more than 2,000 people – which may potentially lead to penalties on their credit score. Mr Jones added: “It is essential that people discuss their circumstances with their lenders if they are struggling, certainly before cancelling direct debits. Unauthorised missed payments can lead to penalties and impact your chances of getting credit in the future”.
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