Zopa: A third of Brits ‘financially unprepared for coronavirus’

Almost a third of Brits have admitted they were financially unprepared for the coronavirus crunch.

A survey by peer-to-peer lender Zopa found 30 per cent were unprepared financially and 38 per cent are now preparing their savings for an emergency in anticipation of another lockdown.

Zopa claims it is millennials that are leading the way when it comes to overhauling their savings habits – those aged 24 to 39 are twice as likely to start putting money aside now for unexpected events than those aged over 55.

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In the longer term, millennials also plan to save the most, aiming to have an average of £21,567 by 2025, compared with £18,953 saved by those aged over-55 and a national average of £20,676.

In the shorter term, the average Brit has a savings goal of £6,697 by the end of this year to create a buffer for the future, Zopa said.

“The past few months have really put the nation’s finances under a microscope and forced many people to re-look at how they save and spend,” Clare Gambardella, chief customer officer for Zopa, said.

“Encouragingly, we can see that where possible, people are using this time to put in place good financial habits – particularly the younger millennial audience, which might surprise some.

“At Zopa, we are launching our bank at a time when customers need products and services that can help them towards these financial goals. With 15 years’ experience in providing simple, fair products and award winning levels of customer service to over half a million customers, we look forward to offering more products to more people through our bank.”