Saving money has been a challenge for many people due to the strains of the COVID-19 pandemic. However, for others, remaining at home has meant cutting down on expenditure which can go towards their savings. Despite a bumper stay-at-home savings boost, though, many are falling short of what they need to feel financially secure.
Tina Hughes, director of savings at Yorkshire Building Society, commented on the matter.
She said: “Despite many people managing to put away more money during the past 18 months, this latest research proves just how fragile people’s savings are, and how far away they are from reaching a state where they feel they have sufficient reserves to be financially secure.
“Whilst some people were able to save throughout the pandemic, that hasn’t been the case for everyone, with many now more exposed than before to financial shocks.
“As a society we know how difficult it is for people up and down the country to save towards their nest egg, and we are committed to helping more individuals build their financial resilience.
“Money worries can have a detrimental…
