How much have your plans changed as a result of the Covid-19 pandemic?
It’s fair to say that, for many of us, the coronavirus outbreak has changed our course in life.
Whether that’s a desire to work remotely and give up the daily commute, spend more time with family, or focus on our health, much has changed since the start of the year.
New research from The Nottingham has taken a look at how the pandemic has changed people’s family planning ambitions.
They found that two-thirds of those people planning to have children say the pandemic is having no impact on this ambition.
However, 16% of prospective parents say they are delaying their plans to start a family or have more children.
And 5% of people who were thinking about having kids say they are bringing their plans forward.
For people who plan to have children, 15% said they expect to do so within the next year, and 19% within the next two years.
However, 25% said they don’t expect to have children for at least five years.
The findings were part of a research project carried out to find out about people’s key life goals and the ages by which they hoped to achieve those.
Popular life goals included owning a home, helping children out financially, and retiring early.
A significant number of respondents to the survey also said they wanted to buy a holiday home or move abroad, get married, and start a family.
Will Davies, Head of Propositions at The Nottingham, said:
“When we first undertook this research we wanted to understand those key life goals that people were saving towards so we can better serve our members and help them achieve those goals. It could be a Lifetime ISA to help those saving for their first house and retirement or a regular saver for that rainy day saver.
“It’s evident that Coronavirus has affected these plans for many. In some cases it’s reduced the amount they are able to save, for others it’s accelerated their savings plans or alternatively it’s simply emphasised the importance of having a savings pot. Whether the pandemic has brought your goals closer or further away, recognising this and adjusting your plans and timeframes is essential to keep motivated and continue working towards that goal.”
Whether your goals have changed due to the pandemic, or not, it’s never a bad time to construct a Financial Plan for the future.
Linking your life goals to the financial resources required to achieve them is essential if you are to ensure success.