Sarah Lord, the Chief Client Officer at Succession Wealth and President of the Personal Finance Society (PFS), reflected on this and noted coronavirus has “left the nation divided” when it comes to their financial standing.
For those who have built up their savings, which according to the Bank of England’s Chief Economist could total £100billion in aggregate, Sarah urged for outstanding debt to be paid off where possible, particularly where the interest rate charges are high.
When this is done, (or if there is no debt, to begin with) Sarah than implored savers to turn their attentions to other financial goals: “Having paid off any debt, it is also important to build up a sufficient ’emergency fund’, essentially a buffer for unexpected times – although arguably the whole of 2020 could be classed as unexpected times!
“However, before spending the savings, building up an emergency fund to cover at least six months of expenditure makes for good sound financial planning.
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