Tag: Nova Scotia The Truth

Date nights and holiday flights – Royal Bank survey reveals what Scots are looking forward to most after Covid-19 put life on hold

·    Young people look set to prioritise shared life experiences post-pandemic

·   Royal Bank of Scotland working with award-winning rapper, Nova Scotia the Truth, to encourage more young adults to set a financial plan to help them achieve future goals

As the country takes its first steps towards re-opening next week, research from Royal Bank of Scotland has revealed what 18–34-year-olds in Scotland are looking forward to most once restrictions allow it, indicating young Scots will prioritise shared life experiences over materialistic goals.

The top 12 list in full:

1.       Spending time with friends and family (85%)

2.       Going on holiday (74%)

3.       Date nights (50%)

4.       Attending a live gig (48%)

5.       Going to/ taking part in a sports match (28%)

6.       A return to education (22%)

7.       Getting back to the workplace (21%)

8.       Buying a house (20%)

9.       Graduating (14%)

10.   Taking driving lessons (14%)

11.   Going travelling (14%)

12.   Getting married (10%)

After an extended period in lockdown, social interactions, unsurprisingly, come out top with 85% of young people surveyed wanting to catch up with their loved ones and half of 18-34-year-olds looking forward to date nights (50%).

However, young people also look set to prioritise their longer-term career goals with one in five (22%) looking forward to returning to education and 21% excited to get back to their place of work.

This could correspond with recent data released by the Office for National Statistics (March 23rd 2021) which showed that young people have been disproportionately impacted by job losses in the past year with under-25s making up two-thirds of the 693,000 total redundancies recorded since the start of the pandemic.

Similarly, in line with the surging demand for houses seen over the past year, buying a house ranks 8th on the list with a further one in five (20%) of young people looking forward to taking their first or further steps on the property ladder once the effects of the pandemic allow them to do so.

Closing out the list, milestones such as graduating (15%) and getting married (10%), which have been impacted hugely be postponements throughout 2020, are still exciting prospects for young people, as well as expanding their horizons through taking driving lessons (14%) and travelling the world (14%).

The survey was undertaken by Royal Bank to gather insights into how the pandemic has impacted young people in Scotland, what it has meant for their money and how they are planning for the future. It found that more than a fifth (22%) of 18-34-year-olds surveyed said they feel anxious about money troubles in a post-Covid world compared with less than one in ten (9%) of those aged 55+.

Royal Bank has now committed to improving the nation’s financial capabilities by offering every person a free Financial Health Check, to reduce money anxieties and help them achieve their goals.

To promote the service, the bank is working with Scottish Album of the Year rap artist, Nova Scotia the Truth, who has been encouraging her fans and online followers to consider setting a plan to manage their money post-pandemic.

Malcolm Buchanan, Chair, Scotland Board, Royal Bank of Scotland, said: “Through our conversations with our younger customers, we understand the financial, emotional and psychological impacts of the pandemic have been immense. The resilience shown by so many Scots across all age groups in adapting to such touch conditions has been truly inspiring.

“We recognise that every dream needs a plan, whether that’s buying a first home or saving for a holiday, and we’re committed to supporting customers achieving their own unique financial goals. As economic conditions improve, we aim to play our part in helping to give everyone the skills and expertise they need to build for a brighter future”.

Royal Bank is making financial management easier by providing the following:

·       Financial Health Check – A free 20-minute conversation with a senior advisor who provides guidance to make banking simpler, and tips for everyday spending or achieving future goals. This could include setting savings targets, advice on tracking monthly spending and creating budgets. Customers can choose to chat in a branch or over the phone. personal.rbs.co.uk/personal/financial-health-check.html

·       Royal Bank of Scotland app – Customers using Royal Bank of Scotland’s award-winning app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending each month, helping them stay in control of their money.

·       MoneySense – MoneySense provides parents and teachers with the tools to give young people the confidence to use money responsibly on their own. MoneySense is fully digital and downloadable, it can be delivered by teachers in schools. It’s the longest-running bank-led financial education programme for young people in the UK.

Steet Cred? Royal Bank teams up with rap artist Nova Scotia The Truth after Covid puts life on hold

  • New survey finds young people are some of the most anxious when thinking about their financial security and futures, as country begins to emerge from lockdown
  • Rapper Nova Scotia The Truth – who spent award win on Zoom rather than at annual celebration – fronts new campaign to encourage people to think about what they want from their future
  • Bank calls on the public to consider their financial situation as research shows more than half have parked a key ‘life moment’ during lockdown

New research from Royal Bank of Scotland has found that more than half (56%) of 18–34-year-olds in Scotland put a ‘life moment’ (e.g. wedding, graduation, buying their first home) on hold during the last 12 months.

Of those with life moments planned, almost a third (31%) said ‘financial insecurity’ caused by the pandemic had affected these plans, with one in ten (10%) citing a loss of employment and 8% affected by their lack of financial knowledge.

More than a fifth (22%) of all 18-34-year-olds said they feel anxious about money troubles in a post-Covid world compared with less than one in ten (9%) of those aged 55+.

As the country takes the first steps towards re-opening, Royal Bank has committed to improving the nation’s financial capabilities by offering every person a free Financial Health Check, to reduce money anxieties and help them achieve their goals.

To encourage signups for the service and urge young people to think about their future, the bank has enlisted the support of rapper and DJ, Shaheeda Sinckler aka Nova Scotia The Truth, who was crowned Scottish Album of the Year winner 2020.

The 25-year-old rap artist, who lives in Edinburgh but had plans to buy a new home in Glasgow, has seen her life put on pause with live gigs postponed, missed family moments and adjusting to a virtual existence with college, career planning and even collecting her SAY Award from behind the screen, rather than on-stage at Edinburgh’s Summerhall.

Shaheeda has been commissioned by the bank to write and produce an exclusive new track about the implications of 2020 and making future dreams happen – it’s due for release later this year.  

Despite the increased financial anxieties among young people, almost 2/5ths (39%) do believe the pandemic has made them better at financial planning and when asked about the things they are looking forward to once restrictions allow it, key sources of excitement for 18-34-year-olds in Scotland include:

·       Going on holiday (74%)

·       Date nights (50%)

·       Attending a live gig (48%)

·       A return to education (22%)

·       Buying a house (20%)

Shaheeda Sinckler, Nova Scotia The Truth, said: “At the start of 2020, I planned to move back to Glasgow and focus on gigging but because of the pandemic, I’ve had to stay at home with my family. It’s not been the easiest year but I’m lucky I’ve been able to focus on creative projects and do my college work virtually, I know not everyone has been so fortunate.

“The pandemic has given us time to reflect on our lives and the way we structure them and for me, that involved streamlining my finances to make sure I’m setting myself up well for when life goes back to normal. If you’ve got a plan in place now and the right support, you can achieve your goals quicker.”

Malcolm Buchanan, Chair, Scotland Board, Royal Bank of Scotland, said: “The impact of the pandemic on people’s plans – and their financial situation – has been immense.

“Directly or indirectly, everyone has been touched by it. Through our conversations with our younger customers and colleagues, a group who are normally working towards their future plans and goals, it is clear that many dreams and life moments have been paused. This is understandable given the climate.

“Shaheeda’s story has shown that it has impacted everyone, whether in the public eye or not.

“It has been challenging and there is a long way to go but we’ve seen that some people have reappraised what they want from life, whether it is a new life goal or even plans to set up their own business in the future.

“Regardless of how long it takes for people to get back on their feet, we want to help give everyone the support and skills they need to help them make their dreams a reality and help them plan for the future.”

Royal Bank is making financial management easier by providing the following:

·       Financial Health Check – A free 20-minute conversation with a senior advisor who provides guidance to make banking simpler, and tips for everyday spending or achieving future goals. This could include setting savings targets, advice on tracking monthly spending and creating budgets. Customers can choose to chat in a branch or over the phone. personal.rbs.co.uk/personal/financial-health-check.html

·       Royal Bank of Scotland app – Customers using Royal Bank of Scotland’s award-winning app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending each month, helping them stay in control of their money.

·       MoneySense – MoneySense provides parents and teachers with the tools to give young people the confidence to use money responsibly on their own. MoneySense is fully digital and downloadable, it can be delivered by teachers in schools. It’s the longest-running bank-led financial education programme for young people in the UK.