The pandemic has prompted a shift in financial priorities, with nearly one in five (19%) thinking about seeking advice, according to Zurich.
Research from the insurance giant found that the events of the past year have driven a quarter of people to give more thought to wills and inheritance planning and nearly one in five are thinking about protection products such as critical illness cover.
The research also found that over half (51%) of people are now looking to prioritise saving for the unexpected or loss of income, while nearly a third (32%) have increased their savings.
It follows estimates from the Bank of England that more than £200 billion of savings have been built up during lockdown, but only 10% of these are expected to be spent over the next three years.
Zurich’s findings also show that while just under half (46%) of households are spending less on a day-to-day basis, nearly two thirds (65%) have become more mindful about their money since the pandemic, with 38% giving more consideration to financial planning and savings and investments.
Louise Colley, director of protection at Zurich, said: “The past 15 months really have brought into sharp focus the importance of our livelihoods and finances with many concerned about their health and financial security.
“But despite these tough times, it’s reassuring to see people taking stock and thinking positively about how they can bolster their situations. It would be a hugely positive step to see more consumers seek professional financial advice so that they can put in pace all of the support they need to give them peace of mind should the worst happen.”
