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21st July 2020 - Jacques Howell

Saving during lockdown – are you better off financially?

As someone who has been saving during lockdown, it is refreshing to see that in this time of uncertainty and an ever changing ‘normal’, more people are reporting to be better off financially.

The average Briton may have saved a substantial amount per month during the coronavirus-related lockdown. Cash saving company, Raisin UK, said little to no commuting, socialising or dining out, and a change in spending habits are contributing factors.

The lockdown savings facts*

Raisin UK co-founder, Kevin Mountford, said: “Lockdown has shifted our outlook on money because, for many of us, our financial circumstances have been forced to change. This has created the perfect opportunity to make long-term changes to our attitudes when it comes to saving and spending.”

Meanwhile, research from the Office for National Statistics (ONS) recently suggested that more than one fifth of usual household spending in the UK has been prevented during the lockdown – money which could instead potentially be saved or used to plug losses in income.

Let us advise you on saving in lockdown

I would encourage you to contact us if retirement is something on your horizon and you are unsure what to do with surplus funds you now realise can be saved. We can talk you through the pros and cons of the various options and come up with a sensibly structured, meaningful plan, putting you in control of your future.  Other articles that may be of interest can be found here. Our main office number is 01273 407500, or you can email us on enquiries@herbertscott.uk

*All data provided by Raisin UK

Disclaimer

Whilst we refer to data provided by Raisin UK in this article, this is for information only and is not in any way a recommendation. We advise you to always seek professional help before taking any action where your finances are concerned.

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