How COVID-19 is changing the way consumers earn, spend and manage their money (save and transact).
EARN
Globally, people are responding to the crisis by working harder, more flexibly and thinking of new ways to increase their earnings. More than half of our respondents believe their work or income will change as a result of the pandemic. Across generations and markets, people are considering changing the way they work, seeking out new income streams.
New ways of earning being led by young people
SPEND
COVID-19 has encouraged consumers to shop online more but has also prompted consumers to shop more carefully and consciously. Consumers, particularly young people, have started tracking their spending and are also more inclined to buy from local, small and sustainable businesses. Despite this increased caution, online shopping has boomed as people transition away from in-person payments.
People’s preference to buy things online
Shopping habits revolutionised by COVID-19
SAVE AND TRANSACT
COVID-19 has been a catalyst for many to begin exploring new digital tools to track their spending and manage their money. The crisis has ushered in more experimentation with new financial tools and services. Over 50 per cent of our respondents say they are now banking more on their mobile phone, laptop or tablet, and more people are looking to manage their money in new ways with mobile apps. Our research has uncovered that younger generations, in particular, are facing their financial futures head on. They are taking action and reviewing their budgets, savings plans and debts to improve their chances of achieving their financial goals.
New financial habits embraced by those aged 18-34 to achieve their goals