UK households have slashed their personal spending during lockdown – saving an average of £2,879 each during the 13 weeks of quarantine, according to a new report.
The study by online financial comparison experts shows that 71% of UK households have saved cash during lockdown, with an average weekly saving of £221.50.
The personal finance experts at money.co.uk have produced a lockdown best savings calculator to show exactly how much households could save if they continue to keep their lockdown saving habits.
Salman Haqqi, personal finance expert at money.co.uk, said: “During lockdown, many people have cut back on their spending on non-essential items. The savings have been largely made by households cutting back on the amount of cash they spend on items like alcohol, cigarettes, clothes, make-up, cosmetics and grooming products, meals out, haircuts and beauty treatments, plus shop bought lunches and takeaway coffees.
“They’ve also spent less because many are not having to use their car to travel to work and have also cut back on other outgoings like sports and gym memberships.”
The biggest savings made by UK households has been on buying clothes (£34.39 per week on average), running the family car (£34.14 per week on average), and paying for meals out (£33.57 per week on average) according to the data.