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

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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.”

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