More people could survive a year on savings, compared to pre-lockdown

(2 minutes to read)

Lockdown has resulted in more UK adults having greater confidence in their own personal financial resilience.

Recent data has revealed that if faced with unemployment, people are more confident about the length of time they could survive on just their savings compared to pre-lockdown.

The ‘How Britain Lives’ survey of 5,000 UK adults from Lloyds Bank, found that in March (pre-lockdown) 20% of UK adults did not have enough money put aside to cover their outgoings for a full month if they lost their job. This figure has dropped five percentage points, to 15%.

A third (33%) could now survive for one to six months (up from 31% in March), 15% could make ends meet for six to 12 months (up from 13%), and almost one in five (19%) could do so for over a year (up from 17%).

Interestingly, 18-24-year-olds have shown the greatest positive change, with 15% saying they would now be able to cope for less than a month, compared to almost one in four (24%) back in March.

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Chris Gowland, Customer Financial Assistance Director, Lloyds Bank, commented, “We often find that during periods of economic uncertainty, people choose to put more money away or pay down their debts to try and anchor themselves financially, and during lockdown there was a concerted effort to do just this, by those who were able.

“There is no doubt that empty social calendars and reduced travel costs gave some families an opportunity to save more money each month. However, while lower income households have improved their financial position somewhat, they are still more exposed to the impact of a financial shock.”

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