As the government encourages the nation to stay at home, 4.7 million Britons have used the time to help them get out of debt, according to a new study.
Research of savings site VoucherCodes.co.uk reveals how the nation’s savings habits have changed since its closure and debt has declined.
Excluding mortgages, those currently in debt fell from 50 percent to 41 percent, representing 4.7 million fewer people in the UK.
Despite the news that holidays are being canceled and restaurants and bars are closing their doors, 2.5 million people say they feel happy using lockdown to repay all or part of their existing debt.
Nearly half of respondents (47 percent) said they save more every week – an average of £ 27.30, which equates to £ 109.20 a month. In addition, 58 percent save up to £ 200 more per month and eight percent save £ 400 and more.
While these extra savings have led 15 percent of people to feel positive about their current financial situation, two in five still admit to worrying about their finances.
For those fired in the past month, of course, this figure is much higher at 54 percent. Understandably, there is a similar picture among those currently splitting off, 49 percent of whom admitted they were concerned about their finances.
Anita Naik, lifestyle editor at VoucherCodes.co.uk, commented, “It is encouraging to see that many people are actually seeing an improvement in their financial situation as a result.
“Whether that saves an extra £ 50 a week or taking the opportunity to repay an existing debt, it’s great to see a positive change in people’s attitudes to their finances.
“The decline in the number of people who have been in debt since the introduction of lockdown measures is also promising.”