Since social distancing rules were introduced in March there have been few people who have not seen their finances impacted by the Coronavirus pandemic, making this the perfect time to perform a financial health check.
“Consumers that pick a point in the year to review their finances may do so every six months as a rule of thumb, but the impact of the Coronavirus may well be escalating this plan,” explained Rachel Springall, financial expert at Moneyfacts.co.uk. “As it stands, interest rates on savings and mortgages are falling and unsecured lending on credit cards or loans is becoming more expensive. This alone should bring a personal finance review to the forefront of the mind, particularly if someone has free time to spare. Making just a few changes could result in decent savings, so consumers would be wise to start now if they failed to do so over the bank holiday weekend.”
To help consumers carry out a financial health check we’ve taken a look at what has been happening in the savings, mortgage, credit card and loan markets over the last few months.