Close Brothers: Pandemic prompts a third of millennials to move

Jake Carter

June 9, 2021

The pandemic and subsequent UK lockdowns have directly encouraged 36% of UK employees aged between 18 and 34 to move house, according to findings from Close Brothers.

The corresponding figure for those aged 55-plus is just 9%, while the UK average is 21%.

Employees in London are most eager to make the change, with 38% deciding to move, a significantly higher proportion than the next most likely regions, the East Midlands and the East of England (23%).

The region in which employees were least likely to have made the shift is the North East (9%).

As well as this, the research identifies that around three quarters (73%) of UK female workers either plan to or have already started keeping a closer eye on their day-to-day spending as a result of the pandemic, compared to 52% of their male counterparts.

Almost two-thirds of employees (61%) said they were now saving into an emergency fund and 20% have been prompted to write their will.

Jeanette Makings, head of financial education at Close Brothers, said: “For years, we’ve been keeping a close eye on the financial wellbeing of UK employees and in the last few years, there are some signs of trending in the right direction.

“But the impact of the pandemic and the experience through multiple lockdowns have been a catalyst for some significant lifestyle changes and in employees taking steps to improve their mental, physical, and financial health.

“At this moment in time employees are more focused than ever about the importance of better managing their finances.

“It is therefore the perfect time for employers to push harder on their financial wellbeing strategies and better support their employees’ financial health.

“More employees need it and more employees are ready, willing and able to listen.

“For those organisations doing more to improve their financial wellbeing strategies now, the rewards won’t just be felt by their employees but there will also be tangible benefits to business performance, so it’s a double win.”

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