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Thursday 9th July 2020

New survey claims average Brit has saved £500 a month during lockdown

And guess what they're planning to spend it on…

The average Brit has saved almost £500 a month during lockdown, a new survey has claimed.

With the majority of shops shut, holidays off the agenda and pubs and restaurants closed, there's been little for Brits to spend their money on, it would seem.

As a result, as many as 59% of Brits have actually managed to save money during lockdown.

The average Brit is saving £500 a month during lockdown (Credit: Pexels)

The savings are a result of spending more time indoors and less money on non-essentials.

Creditfix.co.uk conducted the survey of around 2,000 UK adults.

It found that the average British adult claims to have saved £495 per month.

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Despite a degree of uncertainty for what life after lockdown will bring, it would seem the majority of Brits are feeling positive about their financial futures.

Some 71% are confident in their job security after lockdown lifts, while 65% don't feel their long-term financial plans will be affected as a result of the virus.

How they'll spend it

And you can probably guess what they're planning to spend it on post-lockdown.

Many plan to spend their savings on gifts for loved ones (Credit: Pixabay)

With many Brits separated from their friends and family for months, 62% of those surveyed said they'd use the money to treat loved ones to gifts.

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More than half (54%) will put the money towards a holiday.

It’s great to see people staying positive and looking forward to the future after lockdown.

Of those surveyed aged 25-35, 43% said they will put their savings toward a house deposit.

An additional 43% said they're looking forward to going out for dinner when restaurants reopen.

Others will put a deposit down on a house (Credit: Pixabay)

A further 39% of Brits sensibly said they're setting aside a portion of their savings to help pay off outstanding debts and credit cards.

Life after lockdown

Taylor Flynn, head of marketing at Creditfix, said: "This is an unprecedented time, but it’s great to see people staying positive and looking forward to the future after lockdown."

Read more: Dating expert tells Brits to "send nudes" to keep the spark alive

He added: "For many, the closure of popular social destinations means that, despite the saddening consequences of this awful virus, there is some positivity to be found."

Many Brits are planning a holiday (Credit: Pixabay)

Taylor continued: "Those who are still able to work (or receive financial assistance) are actually able to save money during this period."

He also said this is an "opportune time" for those in a habit of overspending and recovering from debt to "sit down, look at their finances and get themselves back on track".

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