Brits save an extra £273 a month during lockdown
People across the UK are putting more money into savings as the pandemic forces Brits to stay at home, rather than go to the pub.
The average Brit has been able to save £495 per month while lockdown rules temper social opportunities — an increase of £273 compared to their monthly savings pre-pandemic, according to research by Creditfix.
Since lockdown began in March, the average UK adult has saved £178 per month on recreational and cultural activities, such as going to the cinema or going out for drinks with friends.
They have also saved £142 per month on restaurant meals, and £121 per month on hotels or holiday accommodation.
Meanwhile for commuters, the increase in remote working has led the average adult to save £92 per month on transport costs.
“It appears that one of the only positive outcomes during this saddening and uncertain time is that some people are managing to top up their savings for future use,” said Taylor Flynn, Creditfix’s head of marketing.
More than 1 in 3 respondents (40 per cent) said they are surprised with the amount of money they have saved, while a third said they will be more conscious of their spending as social restrictions continue to ease.
“As the hospitality industry reopens and restrictions ease further, this is the time for people to rethink their spending strategy and not rush themselves by doing too much too soon. Individuals should start by getting on top of their finances first, paying off any debt and easing the financial strain this brings with it.”
The findings come as it was revealed this week more than 730,000 people had lost their jobs since lockdown began.
UK GDP contracted by 20.4 per cent in the last three months, plunging the country into the worst recession on record.