“We are all in the same storm – the pandemic – but we are not in the same boat.” The pandemic has impacted on different people very differently. We have just published our annual UK Consumer Insights report, looking at the behaviours and views of UK adults about their savings and investments. COVID-19 has been a key theme.

Many people have been furloughed, put on reduced hours or lost businesses. Others have seen dramatic cuts in expenditure – thanks to reduced commuting costs, not going on holiday and socialising less. Many have therefore found themselves saving more than ever before.

Those who are coming out well (financially) from the crisis are the older and wealthier – the investment industry’s traditional client base.

Young people have been hit especially hard by COVID-19, and it’s prompting more of them to start building up their emergency funds. This trend reflects findings from our upcoming UK D2C research – direct platforms have seen a surge in new, younger customers through the pandemic.

The household savings ratio hit a record high of 27.4% in Q2 2020 – nearly twice its previous high. The Bank of England’s Andy Haldane said last month that people have added around £100bn in additional savings. The proportion of the population who hold investments has increased sharply. But how much more of this new money will find its way into investments – and how will these inexperienced investors cope with the inevitable turbulence of 2021?