45% of Savers and Investors hit by COVID-19 Pandemic
26 Jul 2020
COVID-19 hits Savers and Investors
45% of consumers who own savings and investment products have been negatively impacted by the COVID-19 pandemic, with the value of their money held in savings and investment products declining. Not surprisingly, given the impact of the crisis on stock market values worldwide, individuals who have money held in investment products like stocks and shares (labelled Investors) have felt its negative effects more than Savers (who tend to only own cash-based savings products), with 59% of Investors seeing a negative effect on their wealth. For the same reasons, the negative impact of the virus tends to rise the greater the wealth of the saver and investor. While 31% of Savers and Investors with less than £1,000 in wealth were negatively impacted, this rises to 76% for those with £500,000 or more in wealth.
How Consumers Save and Invest 2020 report
These findings come from the IRN Research report How Consumers Save and Invest 2020. The aim of this report is to study how UK consumers behave when they make financial investment and saving decisions. The report considers what types of saving and investment products consumers hold, how they purchase and invest and what factors influence their purchases. It also considers how consumer investment behaviour has been influenced by developments like Covid-19 and potential investment frauds. For this report, IRN Research commissioned Made in Surveys Group (MIS) to conduct a survey among its online panel, drawing on a nationally representative sample of 2,076 UK adults aged 18+.