Overall Impact Of Covid

As a degree of normality is being restored across the UK, this is a good moment to take stock of the complex economic effects of the crisis and what this might mean for people’s financial resilience and their ability to save for retirement.

Explore impact of covid-19

FINANCIAL IMPACT

In what way has your financial situation changed due to Covid?

Our findings tell a story of Covid’s polarising effects on financial situations that is widening many existing inequalities in financial resilience.

Nearly half of people have seen no change in their financial situation, while a minority either side have experienced either an improvement or deterioration.

Scottish widows conclusion
In what way has your financial situation changed due to Covid? Proportion saving adequately
Stayed the same 48%
Don’t know 5%
Improved 19%
Deteriorated 28%

Conclusion

Overall impact of Covid

As we all too aware, the pandemic has been an enormously disruptive and harmful event for society. Our research shows that the impacts on people’s financial situations have been nuanced, driven by the unusually wide range of effects of the pandemic. These effects have had a polarising consequences on people’s financial wellbeing.

Among those who have been negatively impacted by the crisis, a significant proportion had to cut back on essentials, access long-term savings or take on debt despite unprecedented economic support from the Government. Many do not expect to be able to recover even after the crisis ends, which will undermine their ability to save.

Explore 17 years’ worth of Scottish Widows Retirement Report data.

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