Thirty-seven per cent of UK adults have saved more into a savings account during lockdown than they would have usually, according to Nationwide research.
The building society found that the figure rises to 45% for those between the ages of 18 and 34.
Only 16% noted that they had saved less since lockdown began on 23 March, although Nationwide stated that more than a third (36%) had indicated they wished they’d saved more before the pandemic hit.
The society’s latest Savings Index, a tracked study of savers that used customer data and a poll of 11,668 people across the UK, revealed that 15% have had to dip into their savings as a direct result of COVID-19 – and this jumps to more than a quarter (27%) of those unemployed.
However, 39% of those who have used their savings, or their children’s savings, indicated it will take longer than six months to recoup the money spent.
Nationwide suggested that its Index highlights the impact of the pandemic weighing heavily on the nation’s mind. In terms of the two major challenges facing the UK – COVID-19 and Brexit – the research showed that 65% in the UK think the pandemic is more concerning for their personal finances, while 21% believe Brexit is the bigger threat.
“There’s no doubt that the impacts of COVID-19 have been felt across the savings market,” Nationwide director of banking and savings, Tom Riley, commented. “While we’ve seen people wish they’d saved more prior to the pandemic, some are clearly trying to leave their savings alone.
“We’ve also seen people feeling broadly positive about savings for the future, with an increasing number opening up about their finances with their partner. Whether this is the start of a new savings culture remains to be seen, although the pandemic has certainly made us look at the need for a financial buffer for a range of reasons.
“Interestingly, a large portion have changed their savings habits as a direct result of the pandemic, so we may well see a shift in the nation’s savings culture over the coming months as new savings routines begin to stick.”
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories