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News Update: Are You Saving More than Ever Before in Lockdown?

Despite many people struggling and experiencing financial strain due COVID-19, there are also those who are fortunate enough to still be working have actually been able to save money over the past few months.

This does not constitute advice and advice should be sought in all instances before acting on it.

One positive of the lockdown is that workers who were used to spending a good portion of their pay on commuting currently have much more money in their pockets. While medical professionals may not benefit from this, you might instead have spare cash from reducing spend on dining and entertainment or holidays. This could add up to hundreds of pounds of savings per month. Even if you are adding new expenses, such as streaming services or additional groceries, it’s likely that your bank account is still better off.

Research for Money Mail by Consumer Intelligence reports that 16% of respondents felt they have been more financially stable due to social distancing and lockdown measures. Nearly half have been spending less, and about 38% are actually saving more.

This research comes on the heels of the Bank of England’s recent announcement that the nation saved £16.2 billion in April alone.

So, what is everyone choosing to do with this sudden surge in savings?

While many are likely saving or investing the money, others are putting it to more immediate use. The past few months have seen record-breaking amounts of debt being paid off.

An average month would usually see £300 million of credit-card debt cleared. In March that amount increased to £2.4 billion, and that more than doubled with £5 billion in April.

How else could you spend your spare money and time?

You can also use your temporary windfall to take care of some other necessary financial matters like overpayments on loans and mortgages, or you could set yourself and your family up for the future by getting a will drawn up.

Spend or invest wisely – speak to a professional

If you’re unsure what your best path would be to take with your additional expendable income, a consultation with a financial adviser will help point you in the right direction. If you need help, don’t hesitate to call and schedule time with us today.

Looking to make the most of your savings?
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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