The Blueprint Financial Planning Online Financial Fitness Index has found that over half of respondents continue to save, despite the challenges thrown up by the COVID-19 crisis.
Even though people were more conscious of their spending, a large number of people still considered themselves “comfortable” with little or no change in their ability to save.
The Blueprint Financial Planning Online Financial Fitness Index asked a series of questions about how people felt about their personal finances in recent weeks. Amongst the findings;
58 percent of people continued to save, while 22 percent of respondents said they only had enough income to live from month to month.
53 percent are certainly more aware of their spending, but 33 percent said there was no change in their ability to save
30 percent reported there was a reduced ability to save, while 27 percent noting an increased ability to save/ invest later this year.
When asked about the likelihood of being able to save/invest more later in the year is, 44 percent said it was ‘Good’.
78 percent of participants were aged between 25-54 with over half, 51 percent, providing for a family.
75 percent of respondents earned between €30,000-€75,000.
The new survey was commissioned as Blueprint Financial Planning launched a new online consultation platform www.financialfitness.ie, to meet changing consumer demand. Of those who responded, 70 percent said they perceived online/ video a convenient and modern approach to their financial planning. A clear majority of 76% would prefer a ‘Financial Fitness’ proposal of a one-off consultation with regular checkups.
“The COVID pandemic has affected investment markets which in turn may have a knock-on effect on most people in some shape or form. However, markets have rebounded and time helps eradicate dips in the markets as the saying goes it’s “time in the markets not timing the markets’. It’s equally important to remain positive and plan forward. This is the time to think about pensions, illness protection, wealth management, financial planning and protection analysis, getting to the heart of planning and thinking for the future where our clients can comfortably deal with life’s inevitable “rainy days”. Equally so, a prospect that allows them to enjoy the things that matter to them in their lives,” John O’ Driscoll, Managing Director of Blueprint Financial Planning and Financial Fitness, commented.
