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2020 finances dragged down by the three Cs: Christmas, Covid and Credit

One in five Brits in their worst financial position ever, and the banks aren’t helping

New money management app HyperJar steps in to press reset on Britain’s finances as 45% have zero festive budget.

HyperJar founder and CEO, Mat Megens, discusses how Brits can re-organise their money.

  • New research reveals 70% think their bank doesn’t help them to budget and plan their day to day finances
  • 19% say they are in a worse financial position than ever, due to Covid-19 
  • 26% say that both before and after Covid they had zero emergency buffer funds 
  • Looming negative interest rates leave savers searching for ways to protect and grow spending power

At the end of what has been one of the most challenging years to date, national research has found that the pandemic has had a devastating effect on Britain’s finances, with 19% confessing that they are in their worst financial position ever. A further 45% do not have a budget in place for their festive shopping this year, despite Brits spending £285 each on Christmas presents.

With 2020’s shattering impact on our national and personal finances, many of us now acknowledge need to be better with our money next year. However, with this resolution comes the realisation that the current banking system does not do enough to help us achieve our goals, as 70% feel that their bank doesn’t help them budget or plan their finances. 

Highlighting the UK’s money challenges, the smart spending app HyperJar unveils in new national research that pre-Covid 26% of us had no emergency financial buffer. One consequence of the pandemic is that 19% of the population admit to having no savings left at all.

With rumours of negative interest rates still circulating, there are few options available that encourage saving and protect consumer spending power. HyperJar provides a solution to both challenges.

Key Research Statistics*:

  • 19% (8,921,000) agree that, due to the Covid-19 pandemic, they are in their worst financial position ever
  • 70% (31,500,000) say that their bank doesn’t help them budget and plan day to day finances
  • 52% (25,093,000) agree that the current banking structure leaves them with no incentive to save
  • 47% (18,981,000) agree that since the pandemic, they now acknowledge the importance of tackling bad financial habits
  • 19% (8,737,000) report that the fallout from Covid-19 has left them with no savings at all
  • 26% (12,522,000) say that, even before Covid-19, they had no savings or emergency buffer
  • 26% (12,715,000) admit to having no emergency funds to fall back in the future
  • 18% (8,594,000) believe their finances are the least organised part of their life

By using HyperJar, account holders who choose to commit money ahead of spending with HyperJar’s partner brands get a 4.8% Annual Growth Rate on every penny, calculated and added daily. This locked-in money must be spent with the business it is committed to, but there is no time limit and the balance keeps growing for up to 12 months.

The app is now expanding its partner base to include SMEs, with local pubs, cafes, kids’ centres, speciality food shops and restaurants starting to join the app over the next few months.  

HyperJar can be downloaded now from the App Store and Google Play Store. Account holders must be 18+ and a UK resident.

Mat Megens, founder and CEO at HyperJar, offers an insight into how HyperJar can help change the way we spend.  

“There’s been a hostile environment for saving and planning for years, and the gravitational pull of easy credit has never been stronger. A new way for people to budget and spend well is overdue.

The effectiveness of splitting out budgets and naming savings goals is well known, and our early customers tell us that adding a fraction more friction to their spending – taking a bit of time to think about what they want to spend in future – works. Visualising and allocating their money like this gives them clarity, control and confidence.”

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