You are here: Home - Saving & Banking - News -

Two-thirds of Brits saved £7,000 in 2020

0
Written by: Emma Lunn
23/12/2020
Two-thirds of Brits saved an average of £586 per month in 2020, equivalent to £7,032 over the course of the year, according to research by MoneySuperMarket.com.

Six in 10 (60%) of people reported being able to achieve the savings goals they had made at the start of the year. Of these, Londoners saved the most at £1,286 a month, equivalent to £15,432 a year.

The capital was followed by Yorkshire and the Humber who saved £690 a month (£8,280 a year) and the East Midlands who saved £619 a month (£7,428 a year). The Welsh saved the least at £302 a month, equivalent to £3,624 over the course of the year.

The research by the price comparison website also explored the impact of 2020 on peoples’ household finances and their outlook for the year ahead.

People who reported feeling positive about their finances cited their ability to save money this year (60%) and feeling more in control of their finances (42%) as the primary reasons for their positivity.

Of the 22% that felt negative about their finances, Covid-19 (59%), feeling less in control of their finances (40%), and rising bills (38%) were noted as key factors.

Looking at household bills, people reported spending an average of £1,368 on all bills per month including mortgage payments. Nearly half (45%) felt they had spent roughly the same as last year versus nearly a third (29%) who felt they had spent slightly more.

On day-to-day spending on going out and socialising, nearly a third of Brits (31%) reported spending less than last year, while more than two fifths (44%) reported spending roughly the same. Nearly a fifth (17%) had spent more this year.

Looking at debt, just under one in 10 (8%) people had fallen into the red, with the average debt being £2,298.

Sally Francis-Miles, money spokesperson at MoneySuperMarket, said: “This year has really been a tale of two halves. Some are saving more than ever as a result of no commuting fees, reduced childcare costs and far less going out for meals or day trips. This is especially evident in London where travel and childcare costs are often far higher.

“Sadly the tale of the other half is less positive. Money worries are a very real preoccupation for millions across the country. Thousands have been made redundant or had their hours cut, they may be facing a struggle to cover the basics such as household bills and mortgage or rent payments.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week