Nearly quarter of Brits aren’t financially prepared for future: study

Almost half of Brits have become more aware of their finances

financial future

Nearly quarter of Brits aren’t financially prepared for future: study. Source: shutterstock.com

According to the research, the pandemic has left 37% of Brits feeling insecure about their financial future, as 19.4 million aren’t prepared for an economic downturn.

This is even more prevalent for those with an annual household income of less than £15,000.

The report states that 49% of Gen-Zers and Millennials are the least likely to be financially prepared for a potential economic downturn.

Along with that, Baby Boomers have their future finances more under control with 73% feeling prepared.

Meanwhile, 54% of Brits who say they aren’t financially prepared don’t have enough or any savings to support themselves in the near future. Besides, 27% of them have a reduced income due to the pandemic, and a further 24% reveal they are struggling with their finances.

Mastercard’s survey highlights that 27% of respondents don’t know how to access any online guidance for their finances.  And 36% of them say it is because they don’t know where to look while 23% unveils they find it overwhelming.

We are working with our partners to help support the nation to become financially prepared following the economic effects of COVID-19. Together we aim to help people better understand and manage their finances, both for today and in preparation for the future. There are millions of people struggling in the UK and there has never been a more crucial time to ensure people have access to digital services and resources they need
Kelly Devine, Division President, Mastercard UK & Ireland

We’ve reported that although the majority of both generations believe they will provide financial support for their parents, they don’t want to ask them about it.

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