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Lockdown savers expect to be cautious with spending as restrictions ease

today09/04/2021

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A third of people who have managed to save money during the coronavirus pandemic are planning not to spend it, even as restrictions ease.

A survey found that 56% of people have managed to save during the UK’s lockdowns but 33% plan to sit on the money they have put aside.

Another third say they will spend less than half of what they saved.

And there is good reason for their caution: nearly one in 10 are worried that members of their family could be furloughed, made redundant or see their income fall in the coming months.

Some 52% of families with children at home believe the pandemic will have a long-term negative impact on their finances, compared with a third of those without children at home.

A quarter of families with children think it could take up to a year to get back on track financially, and 11% expect to cut back or make financial sacrifices for several years after the lockdown ends.

Nearly a third of families with children at home have made use of some sort of payment holiday since the pandemic began, compared with 12% of households without children.

More from Covid-19

Around two-thirds of parents with children are worried about their ability to pay household bills in the future.

Of those who will spend their savings, the top items will be holidays. Many are also looking to spend in pubs, cafes and restaurants.

The survey was carried out by comparethemarket.com’s household financial confidence tracker and it gathered the views of more than 2,000 people in the UK this month.

Ursula Gibbs, director at comparethemarket.com, said: “We are seeing a significant reset in the way that people think about their personal finances in the wake of COVID-19.

“The past year has been extremely tough on household budgets and really underlined the value of rainy-day funds, with our research suggesting this has helped kick-start a savings culture.

“As people have driven and shopped less, cooked at home, and found ways of exercising that didn’t involve going to the gym, it seems that many want to carry on some of the financial benefits of the lockdown lifestyle.”

 Sky News

© Sky News 2021

Written by: Rother Radio News


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