Coronavirus has caused widespread panic about the impact on the healthcare sector but there also a lot of fears for the financial world.
Insurance firm Aegon surveyed 1,100 Brits to find out how savers and investors have been behaving as a result of the pandemic and the ensuing market volatility.
It found a third (33%) of 18-34-year olds have checked the performance of their investments in the last four weeks, compared to 53% of people in the 55 to 64-year-old bracket.
In terms of reacting to highly volatile market conditions, 28% of 18 to 34-year olds have made a one-off investment, compared to just 10% of 55 to 64-year olds.
Also, 72% of the older cohort said they have kept a close eye on market movements, while only 44% of younger investors have been updating themselves on what is happening.
Informed decisions
Steven Cameron, pensions director at Aegon, said: “In these exceptional times, with volatile markets, there’s a risk that people, particularly those without an adviser, may panic and react to market movements by rushing into financial decisions that could have long term adverse consequences.
“After the significant falls in stock markets, it can often be in individuals’ interest to avoid cashing in stock market investments and look to draw money from other sources of savings.
“It can also make sense, if possible, to take less income or only what you really need right now. It’s always good to seek advice, and especially so in the current climate before taking any big decisions.”
