Savers may be forced to spend an extra £22billion on big purchases or life milestones such as buying a house, car or getting married as a result of coronavirus. Recent research from RCI Bank showed three in five (61 percent) UK consumers who were saving for a milestone have had to delay as a result of the pandemic.
“Although many haven’t been able to bolster their savings, we are encouraged to see that a large number of UK adults have managed to use the past year as an opportunity to save more and are starting to plan to put that extra money towards something important to them.
“At RCI Bank, we understand that savings are there to be spent on the important life milestones and events, and having the extra time to save a bit more to make that specific life event extra special is a silver lining for some, which has come as a result of the last year.
“It is important, however, for savers to ensure they leave themselves a bit of a buffer, to maintain an emergency fund to weather any unforeseen expenses in the future.
“RCI Bank offers a range of savings products at competitive…
