Nobody can be in any doubt about the material consequences of the pandemic and its impact on the UK, and indeed, the world,
financially, politically and most importantly, emotionally.
While you may question our focus on the emotive side, at Teamspirit, we believe that the relationship that people, as consumers and business owners, have with their money is undergoing a profound and long-lasting transformation.
We predict this change will manifest in three ways.
Our desire for certainty and security might drive an aspiration for rainy day savings and more balanced investment portfolios, along with a reluctance to rely on any more credit than is necessary. We have already seen evidence of this, with household savings deposits rising to a record £1.5 trillion – theoretically enough to pay off everyone’s mortgage.
Given that we have been forced to accept change, we might come to welcome it and be more open to changing how we manage money and the brands that offer us a different experience.
We’ll be more ready to consider concepts that overturn established thinking – such as the emerging idea that the equity in your home can be your retirement income, and your pension pot, your legacy.
As we appreciate what really matters in life, we’re likely to look at waste and extravagance with a jaundiced eye, and might pare our financial
activities back to basics once again.
As our idea of ‘success’ under lockdown has become much more about quality relationships and personal wellbeing, and our idea of ‘health’ now includes personal finances and professional satisfaction, we will appreciate simplicity over complexity.
This applies in workplaces as well as families, with a greater appreciation of which expenses and investments improve quality of life (for ourselves and the community), and which are just indulgences.
Download the full report here: It’s Only Fair – Teamspirit