Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Pandemic encouraged 36% of UK millennials to move house

Pandemic

Employees in London are most eager to make the change, with 38% deciding to move

The pandemic and subsequent UK lockdowns have directly encouraged 36% of UK employees aged between 18 and 34 to move house, according to findings from Close Brothers.

The corresponding figure for those aged 55-plus is just 9%, while the UK average is 21%.

Employees in London are most eager to make the change, with 38% deciding to move, a significantly higher proportion than the next most likely regions, the East Midlands and the East of England (23%).

The region in which employees were least likely to have made the shift is the North East (9%).

As well as this, the research identifies that around three quarters (73%) of UK female workers either plan to or have already started keeping a closer eye on their day-to-day spending as a result of the pandemic, compared to 52% of their male counterparts.

Almost two-thirds of employees (61%) said they were now saving into an emergency fund and 20% have been prompted to write their will.

Jeanette Makings, head of financial education at Close Brothers, said: For years, we’ve been keeping a close eye on the financial wellbeing of UK employees and in the last few years, there are some signs of trending in the right direction.

But the impact of the pandemic and the experience through multiple lockdowns have been a catalyst for some significant lifestyle changes and in employees taking steps to improve their mental, physical, and financial health, she said.

At this moment in time employees are more focused than ever about the importance of better managing their finances. It is therefore the perfect time for employers to push harder on their financial wellbeing strategies and better support their employees’ financial health, Makings said.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.