The Bank of England have announced that we’ve saved an amazing £125 billion during lockdown and that represents FIVE times as much as any other 9 month period.
Furthermore they expect those savings to increase in the first half of 2021 whilst we are still locked down and of course the Bank then expect us to spend it all – or most of it – when lock down ends and that’s why their predictions for a quick economic recovery are so positive.
These figures astound me. I do a lot of work with people over their basic finances and financial management and no-on ever saves that much and they declare that they have no spare money each month and it turns out they do!
All they needed was the motivation to save and the pandemic has provided that – so it isn’t all bad news!