9.5m say their incomes have increased in the last three months
- Fewer people are worrying about money, losing their job or contracting Covid-19
- People are spending more and saving less as lockdown eases
- 12.5m** people are worried about rising inflation
- Holidays, socialising and days out with family are priorities for people after lockdown
Research from pensions and retirement specialist LV= highlights how the finances and emotional wellbeing of UK consumers continues to improve as we approach the end of Covid restrictions.
The latest LV= Wealth and Wellbeing Monitor* reveals that in June 2021- 18% (9.5m) UK adults said their incomes had increased over the past three months - the highest figures since the quarterly survey started in June 2020.
As lockdown restrictions ease, UK consumers say their outgoings are increasing, and they are saving less. The proportion of people whose socialising spend increased has risen markedly.
This quarter’s research shows that fewer people (than last quarter) are worried about the future, about losing their job, or about finding work if they lost their job. The mental health of the nation is also beginning to improve with fewer people saying they feel lonely or isolated. However, 12.5m (24%) are now worried about rising prices of everyday items such as food, clothing and utilities.
The LV= Wealth and Wellbeing Monitor - a quarterly survey of 4,000+ UK adults – reveals that in June 2021:
- Fewer people are worried about losing their job. In June 2021, 6% (3.1m) of UK adults worried about losing their job, compared to 8% (4.3m) surveyed in March 2021
- Fears about contracting Covid-19 are subsiding. 17% (8.8m) worried about contracting Covid-19, compared to 23% (12.1m) in March
- Worries about money are beginning to ease. 27% (14.1m) worried about money, compared to 30% (15.8m) surveyed in March
- Mental health issues are beginning to improve. 24% (12.7m) felt lonely and isolated, compared to 31% (16.2m) in March
- More people say they are booking holidays. The number of people who say they have booked a holiday in the last 3 months has risen to 16% (8.2m), compared to 8% (4.5m) in March
Financial priorities after lockdown
People are thinking ahead of their priorities after lockdown restrictions lift. The research reveals:
- 36% (19.1m) adults are planning to go on holiday in the next 12 months
- 28% (14.6m) plan to do more socialising
- 25% (12.9m) are planning special days out with family to make up for lost time
- 23% (11.9m) are planning to make home improvements
- 21% (11m) plan to be more environmentally conscious
- 20% of people aged over 65 plan to give money to children/and grandchildren