Three-quarters of savers ‘determined to keep lockdown habits’

More than three-quarters of savers are determined to continue putting away the same amounts of money as they did during lockdown as restrictions ease, according to a survey.

As England’s shops, hairdressers and pub beer gardens reopened on Monday, Zopa bank released research which found that 77% of savers across the UK want to put the same amounts of money aside even as they are able to socialise more.

Seven in 10 (70%) are planning to stick with savings habits which they have only started in the past 12 months, during the coronavirus pandemic.

Three-quarters (75%) want to avoid dipping into their savings.

This is often motivated by a specific goal, with more than half of savers (54%) surveyed saying that they have been putting money away for a major life event, such as buying a house, a wedding, retirement or the holiday of a lifetime.

Clare Gambardella, chief customer officer at Zopa, said: “The last year has given many of us an opportunity to put extra savings away as we have reduced spend on things like commuting, going out or travelling abroad.”

Making overpayments on loans is another step that people have been taking to improve their financial position.

During the pandemic, Zopa’s own data showed an 11% increase in customers making additional payments to their loans throughout the past 12 months, and 500% more people have been checking Zopa’s “borrowing power feature” that allows users to find ways to improve their credit score.

Some 2,000 savers were surveyed across the UK in April.