Daily Mirror|July 04, 2020
Staying in during lockdown has reduced our spending, with almost half of us having lower outgoings.
About one in seven had no choice as their income fell. This rises to one in five for women and those aged 18-34.
Those lucky enough to keep their incomes may have an unexpected nest egg. They have saved an average of £581, with men keeping £652 and women £515, according to research by finance firm Hargreaves Lansdown.
It also found one in eight saved more than £1,000 through the crisis and over half of those over 55 spent less compared with a third of 18-34-year-olds.
Sarah Coles, a personal finance analyst at the firm, says: “The pandemic has shown us the enormous difference having emergency savings can make.”
She says Government figures showed about a third of us are dipping into savings. She says: “Ideally you should have between three and six months’ worth of expenses in savings.
You can read up to 3 premium stories before you subscribe to Magzter GOLD
Log in, if you are already a subscriber
Get unlimited access to thousands of curated premium stories and 5,000+ magazines
READ THE ENTIRE ISSUE
July 04, 2020