The pandemic and subsequent closures in the UK have had a transformative impact on UK employees, with more than a third of people aged 18 to 34 moving to ensure a better quality of life.
The corresponding figure for people aged 55 and over is only 9%, while the UK average is one in five, according to a study by Close Brothers, shared with City AM tonight.
It should be noted that people in London are the most eager to make the switch, with 39% – or nearly 4 million people – moving or thinking of moving to achieve this better quality of life.
This is a significantly higher proportion than the next most likely regions, the East Midlands and the East of England (both 23 percent). The region in which employees are least likely to have made the switch is the Northeast (9 percent).
Research highlights the extent to which the past 12 months have changed employee financial plans across the UK.
The results also show that 39% of workers plan to switch to full-time telecommuting due to the pandemic, with 30% doing so part-time.
About one in five people have decided to reduce the time they spend working (18%), while 14% have already retrained or are considering retraining for a new career.
Outside of work, the report also reveals significant changes in behavior. Three-fifths of UK employees exercise more (61 percent), while 58 percent intend to go out more when possible, and the same number make a concerted effort to connect more with friends and his family.
More than half (55%) want to adopt a healthier diet and focus more on activities aimed at improving well-being and mental health.
The past 18 months have had an almost incalculable impact on people’s mental and physical health, but it has also had a tangible impact on the behavior of employees when it comes to their finances.
With many employees facing tough financial decisions, research identifies that around three-quarters (73 percent) of female workers in Britain are considering or have already started to monitor their day-to-day spending more closely due to the pandemic
This is the case for more than half (52%) of their male counterparts.
Covid-19 has also prompted employees to think more about planning for the unexpected. Almost two-thirds (61%) save in an emergency fund. In addition, one in five (20%) has been asked to write their will.
|Key changes made to improve financial well-being|
|Monitor daily expenses more closely||63%||52%||73%|
|Save more in an emergency savings fund||61%||57%||65%|
|Write a will / update an existing will||20%||19%||21%|
|Save more in my personal pension||19%||24%||15%|
|Increase my contribution to my employer pension||16%||19%||13%|
“For years we have been closely monitoring the financial well-being of UK employees and in recent years there are signs of a trend in the right direction,” said Jeanette Makings, Head of Financial Education at Close Brothers.
“But the impact of the pandemic and the experience of several lockdowns has been a catalyst for significant lifestyle changes and for employees taking action to improve their mental, physical and financial health,” Makings said. City AM tonight.
“Right now, employees are more focused than ever on the importance of better managing their finances. So now is the perfect time for employers to step up their financial well-being strategies and better support the financial health of their employees, ”she added.
“More employees need it and more employees are ready, willing and able to listen. For organizations doing more to improve their financial wellness strategies now, the rewards will not only be felt by their employees, but there will also be tangible benefits to business performance, so that’s a double victory, ”concluded Makings.