Watch the 6th session in the Webinar Series Hindsight 2020: Build Back Better where we explore how COVID-19 has impacted household finances and how research on the consumer response to the pandemic can help us design better tools to help build financial resilience.
Many households have experienced sudden and drastic falls in income putting an enormous strain on their finances. Over a third of households have experienced a reduction in income as a direct result of the pandemic with a significant proportion finding themselves in serious financial difficulties and struggling to make ends meet.
Most consumers have responded by changing their spending habits, particularly on non-essential goods, and some have had to dip into their savings to cover living costs or resort to high-cost short term credit, often leading to anxiety over personal finances.
In this session, we bring together experts in household finance to take a deep dive into the response to the pandemic. We will explore how the pandemic has changed consumer behaviour and how this is impacting financial wellbeing and assess what we can learn from the response so far to help people get back on track and build resilience to cope with future shocks.
Fiona Greig – JP Morgan Chase Institute
Karen Croxson – FCA
David Haigh – Money and Pensions Service
Pantelis Solomon – The Behavioural Insights Team