One in five say that the cost-of-living crisis has encouraged them to make the most of their money

New research from Chase has found that one in five (21%) say that the pandemic and cost-of-living crisis have encouraged them to make the most of their money, including spending more on experiences to ‘live in the moment’

The research found that one in four (26%) are now more focused on saving money than they were prior to the pandemic. This is driven by an ambition to feel more in control of their financial situation, build emergency savings, and be better prepared for any future financial shocks.

At the same time, the challenges of the last five years – both the pandemic and the increased cost of living – have encouraged more consumers to focus on living in the moment and spend more on experiences. one in five (21%) said that recent challenges had made them realise life was too short and were now spending more money to ‘live in the moment’.

The data correlates with Chase’s spend data which shows that throughout 2024, Chase customers prioritised spending on experiences over buying new household items, with entertainment shopping increasing by 20%.

The findings show that consumers are now better prepared to deal with financial uncertainty, and are prioritising shorter term financial goals to help navigate any unexpected events and making the most of their money now, ahead of longer-term financial planning.

Kuba Fast, UK CEO of Chase, said “Our research shows that the events of the last five years have significantly changed consumers’ attitudes to money. The unpredictability of recent years, including the pandemic, the increase in cost of living, and geopolitical uncertainty means that consumers are switching their mindsets to be prepared to deal with anything.

“We are seeing consumers building savings buffers to withstand future economic disruption and increasingly spending on experiences to make most of their money now, rather than engaging in long-term planning and saving up for specific purchases in the future.”