(Alliance News) – People in the UK who managed to save some money during coronavirus lockdowns have now spent around a fifth of it typically, research suggests.
Seven in 10 people said they had been able to put money aside during the pandemic amid fewer opportunities to spend, Paragon Bank found.
The average amount people had saved during lockdowns was GBP1,216.
But when asked what percentage of their pandemic savings people had now spent, the average amount was just over a fifth – equating to around GBP261 of lockdown savings having been spent.
Some people had managed to hang onto their pandemic savings however.
Over-55s were twice as likely as young adults to have managed to hang onto all of their savings.
More than half – 58% – of savers in this age group had managed to keep all of their pandemic savings, compared with 29% of 18 to 34-year-olds.
Surging living costs, with UK consumer price index inflation recently hitting 5.1%, could make it harder for some to hold on to their lockdown savings.
Some savers may, however, see slight improvements to their…
