Savers have put aside £1,000 since the start of Covid-19 lockdowns after being unable to splash out on holidays and nights out, survey shows
- More than 41 per cent made savings after cancelling plans such as holidays
- More than three-quarters said they had to cancel plans because of the pandemic
- The research found that exactly half of those polled said financial worries caused by Covid-19 have made them think more about saving
Savers have put away more than £1,000 on average since the coronavirus lockdowns began.
More than two fifths (41 per cent) of those questioned in a survey by the Nationwide Building Society have put money into savings after cancelling plans such as holidays or nights out.
Nearly three-quarters (72 per cent) said they have had to cancel or postpone such plans because of the pandemic.
The £1,085.90 average saving relates to all those who have managed to put aside some money since last March, whether it is more, less or the same as they would normally.
More than two fifths (41 per cent) of those questioned in a survey by the Nationwide Building Society have put money into savings after cancelling plans such as holidays or nights out
The research found that exactly half of those polled said financial worries caused by Covid-19 have made them think more about saving.
Nationwide released the findings to coincide with a ‘get the nation saving’ campaign.
Tom Riley of the building society said: ‘It’s heartening to see a positive shift in our collective savings mindset. It’s clear that more people are seeing the importance of building a nest egg.’
The research also suggests that those on lower earnings have had a bigger struggle to put more money away than people on higher incomes.
More than a quarter (26%) of those earning £15,000 or less have been able to put more money away, compared with 43% of those earning between £25,001 and £35,000, and 59% of those earning £55,001 or more.
For those earning £15,000 or less, 27% said they have saved less since last March and 17% have never saved any money.
Fewer than one in 10 (9%) of those earning between £15,001 and £25,000 said they have never saved any money at all, as did just 3% of those earning more than £55,001.
Nationwide released the findings to coincide with a “get the nation saving” campaign.
More than two-thirds (69%) believe the pandemic will have a long-term impact on the importance of having a financial buffer in place, rising to three-quarters (75%) of those aged 16 to 34.
Nationwide released the findings to coincide with a ‘get the nation saving’ campaign. Pictured: A Nationwide Building Society Branch in London (file photo)
Looking ahead to life after lockdown, taking a holiday was found to be at the top of people’s priority lists, selected by nearly three in 10 (29%).
One in 16 (6%) said their priority is to see family and friends, and one in 20 (5%) want to attend a sporting event.
To make their plans a reality, around a fifth (19%) said they will need up to £500, while more than a third (34%) expect to need up to £1,000.
People typically believe it will take around five-and-a-half months to save the money needed, although more than three-quarters (77%) think it will take them up to a year.