A significant number of people want to save money to feel more in control of their financial situation, a survey has found – but at the same time they also want to spend money on experiences
The coronavirus pandemic has changed the way we look at saving and spending, a survey shows.
Around one in four people (26%) say they’re keener on saving money now more than ever within the past five years, the research says. The research, commissioned by Chase, indicated this is being driven by people wanting to feel more in control of their financial situation, build emergency savings, and be prepared for any future financial shocks.
But, at the same time, a significant number of people also want to spend money to “live in the moment”, researchers found. About a fifth (21%) of people feel recent challenges have led them to spend money on experiences that create memories.
Chase, a consumer banking business of JPMorgan Chase & Co, said this correlates with its own spending data, which showed a rise in consumer spending on entertainment and shopping in 2024.
Kuba Fast, chief executive of Chase, said: “Our research shows that the events of the last five years have significantly changed consumers’ attitudes to money. The unpredictability of recent years, including the pandemic, the increase in the cost of living, and geopolitical uncertainty means that consumers are switching their mindsets to be prepared to deal with anything.”
The survey also showed that 85% of people feel confident about managing their money on a daily basis, and about the same number – 83% – say they’ve got their spending habits under control. While less than a quarter, (23%), have made a finance-related resolution this year, 86% of those who have are confident that they will stick to it, according to a survey of 2,000 people conducted by Opinium at the close of 2024.