With the government encouraging the nation to stay home, 4.7 million Brits have used the time to help them get out of debt, according to a new study.
Research from savings site VoucherCodes.co.uk reveals how the nation’s savings habits have changed since lockdown with debt burdens reducing.
Excluding mortgages, those who are currently in debt dropped from 50 per cent to 41 per cent, equating to 4.7 million fewer people in the UK.
Despite news of holidays being cancelled and restaurants and bars closing their doors, 2.5 million people say they actually feel happy they can use lockdown to repay – fully or partially – their existing debt.
Nearly half of those polled (47 per cent) said that they save more each week – £27.30 on average, equating to £109.20 per month. Additionally, 58 per cent are saving up to £200 more per month and eight per cent saving £400 and over.
While these extra savings have led to 15 per cent of people feeling positive about their current financial situation, two in five still admit to feeling anxious about their finances.
Naturally, for those who have been made redundant in the past month, this figure is much higher at 54 per cent. Understandably there’s a similar picture amongst those who are currently furloughed, of whom 49 per cent confessed to feeling anxieties around their finances.
Anita Naik, lifestyle editor at VoucherCodes.co.uk, commented: “It’s encouraging to see that many people are actually seeing an improvement in their financial situation as a result.
“Whether that’s saving an extra £50 a week or taking this opportunity to pay back any existing debt, it’s great to see a positive change in people’s attitudes towards their finances.
“The decline in the number of people who are in debt since lockdown measures came into place is also promising.”