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Press release: Covid-19 has led to a generation of Circumstantial Savers

15 May 2020

Nearly half of 18-30 year olds are saving more money and one in five of this age group would want to see a financial adviser about investing

Quilter research reveals that a proportion of all age groups are saving more as a result of the lockdown, with 18-30 year olds leading the charge.

A survey of 1,000 UK adults* reveals that 18-30 year olds are the most likely to be saving more money since the pandemic began with almost 48% saying they have put more money aside (see chart below).

Millennials are also keen to invest more and one in five (22%) would consider going to a financial adviser to review their investment options. In fact this age group are the most likely to consider financial advice with almost two-thirds (63%) saying they would do so.

Rachael Griffin, tax and financial planning expert at Quilter comments:

“It is incredibly encouraging to see that people in all age groups are finding ways to put more aside each month. Severe low savings and weak financial resilience has been an unfortunate norm in the UK.

“While it is important to have a liquid cash buffer, with interest rates at rock bottom levels you need to ensure that your money is working as hard as it can and so putting that money into a cash account is not always the best option.

“For those looking to invest tax efficiently whilst retaining access to the capital, ISAs are what most advisers would recommend. ISAs are able to hold a variety of funds, stocks and shares within them to fit the goals of the investor and they also allow easy access.

“Remember the stock market is volatile and so you should invest assuming that it is going in for the long term. There are thousands of different investment assets available, from gold to government bonds, US equities to property and more.  A financial adviser is there to determine the right place to invest money dependent on your goals.

“One thing that is important is diversification. Placing your money in a fund that invests in different companies, shares, properties and bonds will allow you to cushion market volatility and also achieve growth in different areas.”

What, if anything have you done in terms of your finances because of Coronavirus?

 

Total

age

18-30

30-45

45-60

60-75

75+

Cash savings:

I am saving more
money/started saving

26.11%

47.87%

30.97%

14.1%

11.88%

15%

Following the lockdown would you ever consider getting financial advice?

 

 

Total

age

18-30

30-45

45-60

60-75

75+

Yes I would

37.44%

63.83%

46.02%

37.18%

10.89%

0%

No I would not

28.82%

7.45%

20.35%

21.79%

55.45%

70%

Not sure

33.74%

28.72%

33.63%

41.03%

33.66%

30%

 

* Survey conducted by Toluna on behalf of Quilter between 27-30 April 2020 with 1014 UK adults

For more information contact

Kathleen Gallagher
023 8072 6293 
079 9000 4932
kathleen.gallagher@quilter.com

Michael Glenister
0207 7789 638  
07469 144 535
Michael.Glenister@quilterinvestors.com

Notes to Editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.