Brits Feel Confident About Their Post Lockdown Finances

  • 71% of Brits are confident in their job security post lockdown
  • 65% don’t feel their long-term financial plans will be affected as a result of Covid-19
  • The average Brit has saved £495 per month during lockdown

Despite the degree of uncertainty for what life after lockdown will bring, Brits are feeling positive about their financial futures, a new study has revealed. A survey of 2,002 UK adults, conducted by leading personal insolvency practice, has revealed that despite the current situation, 72% of Brits are feeling positive about life after the pandemic. Despite so much uncertainty about the future of the economy beyond Covid-19, 71% of Brits say they are feeling confident in their job security with 65% claiming they are not worried about their long-term finances as a result of the pandemic.

The survey also revealed that as many as 59% of Brits have actually managed to save money during the lockdown as a result of spending more time indoors and spending less on non-essentials. Infact, the average British adult claims to have saved £495 per month, due to the current social interaction restrictions. When asked what things Brits hope to spend some of their savings on post-lockdown, 62% say they will use it to treat loved ones to gifts, while more than 1 in 2 (54%) say they will put the money toward a holiday once the lockdown restrictions are lifted.

Of those surveyed aged 25-35, 43% say they will put their savings toward a deposit on a house, whilst an additional 43% say that when they are able to do so they are looking forward to spending some of their savings going out for dinner in a restaurant. A further 39% of Brits say they are setting aside a portion of their savings to help pay off outstanding debts and credit card repayments.

Taylor Flynn, head of marketing at Creditfix, comments: “This is an unprecedented time and one which nobody saw coming, but it’s great to see people staying positive and looking forward to the future after lockdown.

“For many, the closure of popular social destinations including restaurants, cinemas, and festivals means that despite the saddening consequences of this awful virus, there is some positivity to be found, as those who are still able to work (or receive financial assistance) are actually able to save money during this period.

“This is the opportune time for those in a habit of overspending and recovering from debt to sit down, look at their finances and get themselves back on track. It seems clear that using some of the money saved in lockdown to ease the financial strain and pay off existing debt, many individuals will feel happier and more positive in the longer term.”

With over 70 years’ experience between their insolvency practitioners in the financial industry, Creditfix has successfully helped over 141,000 people with their debt over the years which has led to them becoming one of the most experienced in the market. Creditfix Limited is one of the largest personal insolvency practices in the UK, servicing Scotland, England, Wales and Norther Ireland.

Top 10 things people are saving for post-lockdown

  1. Gifts for loved ones (62%)
  2. Holiday (54%)
  3. Dinner in a restaurant (43%)
  4. Paying off outstanding debts (39%)
  5. Home furnishings (22%)
  6. Buying a house (17%)
  7. New car (14%)
  8. Clothes and accessories (14%)
  9. Home renovations (12%)
  10. New pet (6%)