The pandemic’s financial planning boost

While the pandemic has wrought much damage financially to families, individuals and businesses, it’s worth looking closer at how the restrictions and emergency measures have affected our approach to financial planning and personal finances more generally.

Research for Indesser, a joint venture between the Cabinet Office and TDX Group, has shown that over half of consumers (53%) have improved their financial tracking and budgeting during Covid-19.

The same survey revealed that the pandemic has changed some people’s financial behaviour for the better, with 43% of respondents paying off more debt than before, and over a third (36%) saving more for retirement. Overall, 60% of people feel they are in control of their finances. Judging by the volume of new enquiries we’ve taken in the past 12 months, it’s fair to say that people of all age and social groups are thinking about their finances more proactively.

Almost three quarters (74%) of those surveyed said their surplus income has either increase