Brits are saving £4.6bn every week they are in lockdown

Covid-19 News | Retail | Surveys

Brits are saving £4.6bn every week they are in lockdown by not socialising and working from home, according to personal finance comparison website finder.com.

Nearly nine in 10 Brits (88%) say they are saving money by not doing their usual leisure or socialising activities while the nation is in lockdown, estimating their average weekly savings to be £54.67.

Currently around 60% of the UK’s population have left the workplace to work from home and nine in 10 (89%) believe this is reducing their expenditure. By not having to do things like commuting and buy lunch every day, the average employed worker is saving £44.78 every week.

This means that employed Brits who are currently working from home are saving an average of £99.45 each by not going into work or socialising every week.

With the lockdown currently lasting three weeks this means a total of £13.8bn will have been saved. This is an average of £164.01 saved on leisure activities and socialising per person, and £134.34 saved from those WFH across this period.

Millennials are set to save the most by cutting down on socialising and leisure activities, saving an average of £70.35 per week. Millennials who are now working from home will save £55.16, bringing the average total saving for millennials working from home to £125.51 per week. This is also higher than any other generation.

The silent generation (born between 1928-45) are saving the least amount of money normally spent socialising or on leisure activities during the lockdown period. They are retaining just £33.47 each week, under half that of millennials

When it comes to regions, Londoners who are working from home are saving the most per week with an average of £124.13. On the other end of the scale, residents in the South West of England are saving the lowest amount of £83.21.

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