Young British people value financial stability over finding love and managing social life

According to a new Urban Jungle survey, 75% of young British people focus on improving their personal finances after a pandemic. Many sacrifice opportunities for love and the opportunity to interact with friends in the process.

This study shows a fundamental change in the priorities of people between the ages of 18 and 35. When the fallout of COVID-19 becomes the central stage, we need to manage our finances anew.

Home insurance companies surveyed more than 1,000 British people between the ages of 18 and 35 in a bitter moment. Rising living costs and 10 years of high inflation dominated the news agenda. The majority (60%) feel that their economic life suffers “unfair” disadvantages compared to previous generations, but the majority of young people have problems with their own hands. And it seems.

Currently, more than two in five (44%) are building savings pots, and more than one-third (37%) regularly use dedicated financial apps, a quarter (26%). %) Follows a specific social media account regarding personal finance. (Awkwardly) ranked as a source of more reliable advice than their own friends.

But a new focus on financial stability comes at the expense of many other aspects of their lives – romance falls on the priority list. Currently, 41% rank improving financial status as a top priority, but one in five (22%) considers love life a major focus, as well as a small number of people in society. He states that it is important to enjoy and enjoy life. -Pandemic.

This means that financial stability is almost twice as high on the list of priorities as connecting with people. Other areas that see a decline in the priority list include career progress (25%) and physical fitness (27%).

The study also revealed key gender differences in the results and emphasized that young women are more determined to improve their financial condition. Data show that females (47%) have a much higher priority than males (30%), but 47% of young women now have savings pots, compared to just 34% of men. I’m building.

One aspect of this new economic knowledge includes a new perspective on the value of personal property, a young British found in research to protect valuable property with products such as insurance and digital trackers. There are 8 out of 10 people (83%). The results show that COVID-19 was the trigger, with 58% since the blockade, citing how important products such as phones and game consoles are to everyday life, financial well-being, and so on. , I feel that I place more importance on my belongings. ..

Jimmy Williams, CEO of Urban Jungle, said:

“After all the uncertainties that COVID-19 has brought to young people, it is encouraged to see them take their economic futures very seriously and use all the means they have available. We should give them more credit than their financial knowledge. In the Urban Jungle, we aim for a world where as many people as possible are confident in their financial future. Wants to help by providing fair and affordable insurance, which will prepare young people for any financial accident. The next stage in their lives. “

Young British people value financial stability over finding love and managing social life

Source link Young British people value financial stability over finding love and managing social life

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