More than half of Britons plan to keep their current savings habits after lockdown restrictions ease, survey finds
- Fifty five per cent of those surveyed said they aim to keep their savings habits
- 37 per cent, said they will be putting off spending until the economy stabilises
- Over a fifth, 21 per cent, said they won’t hold back on spending post lockdown
More than half of people aim to keep their current savings habits beyond the coronavirus lockdown restrictions, according to a survey.
Fifty five per cent of people asked by TSB said they will try to continue putting money away as they have done during the pandemic.
And more than a third, 37 per cent, said they will be putting off spending money as much as possible until the economy stabilises, TSB found.
However, just over a fifth, 21 per cent, said they will not hold back on their spending as lockdown restrictions are eased, as they want to enjoy themselves, the poll of 2,000 people in March revealed.
Fifty five per cent of people asked by TSB said they will try to continue putting money away as they have done during the pandemic. Stock image pictured
Many families who cut back on spending during the pandemic have used spare cash to pay off debts. They paid off a total of £16.6billion in 2020 – another record, according to Bank of England figures.
Marta Kijowska, TSB’s head of personal current accounts, said: ‘The pandemic has changed our behaviour towards money, and we’ve seen our customers spend less and save more.
‘It’s important to feel in control of your money, and we see our customers increasingly wanting help to continue to save and budget so they can make the most of their money.’
However, just over a fifth, 21 per cent, said they will not hold back on their spending as lockdown restrictions are eased. Stock image
Britain’s ‘involuntary’ savers squirreled away more than £150billion last year as the pandemic stopped them from splashing out on expensive holidays and nights out.
Families built up their bank deposits from £1.48trillion to £1.63trillion over the course of 2020 – a rise of £151.7billion, the highest since records began in 1997, according to Bank of England figures.
But not all households are benefiting from the lockdown savings boom as the statistics mask a huge disparity between well-off families who have been able to work from home and employees – typically on lower incomes – who have seen jobs axed.
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