Lockdown Brits are better off financially

Thursday, 11th June 2020, 6:05 pm
Updated Thursday, 11th June 2020, 6:05 pm

People who have watched the pennies during lockdown are quids in, according to results of a new survey.

The average Brit has been saving up to £700 a month, according to research among 2,000 people.

Savings have been achieved by the lack of commuting, socialising and dining out due to COVID-19.

Lockdown has been habit-forming for many canny savers who say they will continue to watch the pennies when the Government-imposed restrictions lift completely.

The things that people will look at spending less on are:

Takeaways - 31%

Alcohol - 21%

Cigarettes - 10%

One in five respondents to the survey (20%) say it’s highlighted that they spend money on unnecessary things and one in six (16%) say it’s shown them that they can save if they put their mind to it.

However, it appears that we cannot live without gym memberships (14%), subscriptions (13%) and takeaway teas and coffees (13%).

Despite those on furlough only being paid 80% of their normal salary, 44% reported an increase in their savings.

The survey was commissioned by cash-saving service Raisin UK. The company's co-founder Kevin Mountford said: "Lockdown has shifted our outlook on money because, for many of us, our financial circumstances have been forced to change. This has created the perfect opportunity to make long-term changes to our attitudes when it comes to saving and spending."