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COVID-19 Prompts Consumers To Save More Money: EY Survey
This is according to the
EY Global Insurance Consumer Survey, a survey of more than 2,700 consumers across Europe and North America with life and personal line insurance.
The research, released today, offers insights into how the COVID-19 pandemic has impacted consumers’ lives. To better understand their concerns and needs, the survey groups respondents into three segments: most financially impacted, moderately financially impacted and least financially impacted.
Consumers Most Financially Impacted Plan To Minimize Future Financial Risk
The most financially impacted demographic experienced the biggest change in their financial security and stability compared to pre-pandemic levels. Ninety-one percent of this segment experienced a loss in work schedule, 90% experienced a loss of income and 86% felt the need to dip into their savings to meet their everyday expenses, according to the survey.