Many Brits have found that lockdown has been beneficial for their money, having cut back on personal spending and managing to put away some extra cash. According to eToro, Brits with unspent discretionary income are set to accumulate £75.5bn in savings in just three months.
Restrictions on movement have meant that despite the financial hardships associated with furlough, a significant number of individuals have been able to make regular savings on travel costs and other daily expenses. Bank of England data reveals that households saved a record amount in April alone, paying off in excess of £7.4bn of debt. Has lockdown sparked a widespread revolution in the way people think about money?
With more than 22 million individuals planning to keep up their new savings habits after lockdown is lifted, an estimated 3.8 million adults have invested in the stock market for the first time since February this year.
“Many people have been savvy and saved money during lockdown. Whilst the current goal might be wealth accumulation – investing and saving to accumulate as much wealth as possible, it’s also important to ensure that as your wealth accumulates, and your financial goals come into view, you secure your investment portfolio from threats such as business creditors, divorce, bankruptcy and more,” says Granville Turner, Director at Company Formation Specialists, Turner Little.
It’s important to plan now, to protect for later, and that’s where we come in. At Turner Little, we understand that every individual, business and challenge is unique. We help you structure your assets in the right way, giving you a robust base to build on.
The knowledge and expertise of our specialists, ensures we are able to assist with any enquiries, no matter how complex, ensuring you are able to achieve the retirement you want. To find out more about how we can help you plan, get in touch with us today.