The findings in this report show that the majority of Europeans believe their financial health has been unaffected by the pandemic – with some even reporting an improvement. Perhaps the biggest surprise, however, is that all respondents felt they were doing much better personally than their country as a whole. Part of that is down to human nature: our tendency to be optimistic when comparing ourselves to others in adverse circumstances. But most important, more people have been taking action. Most of the respondents said they are now shopping and spending more consciously and actively controlling or reducing their spending compared with a year ago. However, getting to grips with their personal finances remains very “do it yourself’ for most people, with little formal training in this area.
On top of that, whether or not they have managed to feel in control financially during the pandemic differs across countries, often depending on past economic strength and the availability of government support programmes during times of crisis. So, even though the long-term implications of the past twelve months have yet to take full shape, people in every country surveyed believe their financial health will improve or at least stay the same a year from now. To make that a reality, we must keep our eyes open, work together and continue to boost financial resilience.
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