People feel financially confident about the future: Atom
Despite the Covid pandemic, people remain largely confident about both their short and long-term financial futures, according to a new report from Atom bank.
The survey of 2,000 UK adults found that just under half (49 per cent) report feeling confident about money in the short-term, with almost one in five (16 per cent) saying they are ‘very’ confident.
When it comes to their long-term financial future, 43 per cent of respondents say they are confident, while 14 per cent are ‘very’ confident.
Millennials are the most likely out of any age group to feel confident about both their short-term financial future (62 per cent) and long-term financial future (55 per cent). This could bode well for first-time buyers seeking a deposit.
Of those that have been saving more in lockdown, two thirds (62 per cent) have saved money by staying at home and shopping less.
Six out of 10 people (60 per cent) have saved due to restaurants and pubs being closed and a third (35 per cent) have saved from not commuting to and from work. One in three (30 per cent) also saved money by making their own lunches.
In addition, lockdown has caused people to change their food shopping habits with 35 per cent reporting a change, for example buying in bigger or smaller batches.
Looking ahead, 82 per cent say they are likely to continue saving, and as restrictions tighten across the UK, Atom says this figure increase could increase even more.
In August this year, think tank The Resolution Foundation raised fears that it could take first-time buyers up to 28 years to save for a deposit by 2024.
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