{"id":16532,"date":"2021-04-15T17:58:20","date_gmt":"2021-04-15T17:58:20","guid":{"rendered":"https:\/\/financialmark.co.uk\/?p=16532"},"modified":"2021-06-08T17:59:25","modified_gmt":"2021-06-08T17:59:25","slug":"4-4-million-save-over-10000-due-to-covid-restrictions","status":"publish","type":"post","link":"https:\/\/financialmark.co.uk\/4-4-million-save-over-10000-due-to-covid-restrictions","title":{"rendered":"4.4 Million Save Over \u00a310,000 Due to Covid Restrictions"},"content":{"rendered":"
Research from savings and retirement specialist LV= highlights how millions of people have become forced savers during the coronavirus pandemic.<\/p>\n
The LV= Wealth and Wellbeing Monitor* – a quarterly survey 4,000+ UK consumers \u2013 reveals that reduced spending on commuting, childcare, eating out and going on holiday has enabled 72% (38m) people to say their household has saved money as a consequence of the pandemic.<\/p>\n
How people have been saving**<\/strong><\/p>\n \u00a0<\/strong><\/p>\n Savings & Cash ISAs are most popular:<\/strong><\/p>\n UK consumers are split on what they are doing with these savings: 28% (10.6m) have put it in savings or cash ISAs. One in five (8.2m) are spending their savings on a holiday. 19% (7.4m) are using it for home improvements.<\/p>\n Longer term savings are proving less popular. Only 5% are saving extra into a pension and only 8% are saving into an investment or stocks & shares ISA.<\/p>\n <\/p>\n Mass affluent people \u2013 those with assets of between \u00a3100,000 and \u00a3500,000 excluding property – are twice as likely as the general population to have put their savings into long-term investments (16% vs 8%),\u00a0 invested for their children or grandchildren (11% vs 6%) or saved into a pension (8% vs 5% overall).<\/p>\n \u201cLV=\u2019s research indicates that much of the accumulated saving has been concentrated among relatively well-off households. The UK has been divided into two groups: those who are struggling on reduced incomes, and those whose income has remained stable and whose costs have been greatly reduced.<\/p>\n \u201cThe past 12 months has been tough for many, especially for those who have been put on furlough, made redundant or who are self-employed. However, those people who have remained in work have been able to save large sums as large expenses such as holidays, commuting costs, childcare and entertainment have vanished.<\/p>\n \u201cLV=\u2019s next wave of research will give an indication about how the end of lockdown will change spending and saving patterns.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Research from savings and retirement specialist LV= highlights how millions of people have become forced savers during the coronavirus pandemic. The LV= Wealth and Wellbeing Monitor* – a quarterly survey 4,000+ UK consumers \u2013 reveals that reduced spending on commuting, childcare, eating out and going on holiday has enabled 72% (38m) people to say their […]<\/p>\n","protected":false},"author":2,"featured_media":16533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\n
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\n In the last 12 months, how much money has your household saved as a result of reduced spending due to covid? (E.g. reduced commuting costs, childcare costs, eating out costs etc.)<\/td>\n<\/tr>\n \n <\/td>\n UK Adults<\/td>\n Parent of child under 11<\/td>\n Mass Affluent<\/td>\n<\/tr>\n \n I’ve not been able to save, but not in more debt<\/td>\n 24%<\/td>\n 16%<\/td>\n 15%<\/td>\n<\/tr>\n \n I’m\/we’re in more debt than before<\/td>\n 4%<\/td>\n 4%<\/td>\n 1%<\/td>\n<\/tr>\n \n \u00a31-\u00a3499<\/td>\n 9%<\/td>\n 9%<\/td>\n 4%<\/td>\n<\/tr>\n \n \u00a3500-\u00a3999<\/td>\n 8%<\/td>\n 8%<\/td>\n 7%<\/td>\n<\/tr>\n \n \u00a31,000-\u00a34,999<\/td>\n 16%<\/td>\n 22%<\/td>\n 22%<\/td>\n<\/tr>\n \n \u00a35,000-\u00a39,999<\/td>\n 7%<\/td>\n 12%<\/td>\n 11%<\/td>\n<\/tr>\n \n \u00a310,000+<\/td>\n 8%<\/td>\n 20%<\/td>\n 21%<\/td>\n<\/tr>\n \n I have saved money but I’m not sure how much<\/td>\n 24%<\/td>\n 8%<\/td>\n 19%<\/td>\n<\/tr>\n \n NET: Saved money<\/td>\n 72%<\/strong><\/td>\n 79%<\/strong><\/td>\n 84%<\/strong><\/td>\n<\/tr>\n \n Average (for those that saved something)<\/td>\n \u00a35,498<\/strong><\/td>\n \u00a38,078<\/strong><\/td>\n \u00a38,580<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Clive Bolton, Managing Director of Savings and Retirement at LV=, said:<\/h3>\n