Did you know that the average UK household saved up to £171 per week during lockdown, as spending on commuting, eating out, holidays and other leisure pursuits plummeted4 .

It looks like the trend is set to continue. With the government abandoning its back to work drive and State financial support continuing into 2021 in the form of the Job Support Scheme, Britons might not have to abandon their new savings habits just yet.

Bank deposits grow

While for some people, financial hardship has meant they are unable to save, Bank of England data suggests that personal bank deposits have tripled in comparison to recent averages, while consumers paid down a record £7.4bn of consumer credit in April – double the repayment in March, which was itself a record month5 .

What to do with your newfound funds

If you’re part of the lockdown saving army, then don’t let your windfall go to waste. You could use your extra cash to pay down debts, overpay on your mortgage or contribute more to your pension.

Advice is key

In these uncertain times, it’s essential to get professional advice to ensure you get the most out of your hard-earned savings. That’s why we’re here – so please get in touch. 4 Aviva, 2020, 5 BoE, 2020

It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.

Tax and Estate planning are not regulated by the Financial Conduct Authority

The value of pensions and investments can fall as well as rise. You may get back less than you invested.

Will writing is not regulated by the Financial Conduct Authority. 

cafs logo

Fill in the form below and one of our experts will be back to you within 24 hours.