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What we’re saving for in 2022 | Infographic

by - 04/01/2022 in Savings Twitter logo icon link Facebook logo icon link LinkedIn logo icon link

Our approach to saving and spending money undoubtedly changed during COVID-19 and resulting lockdowns, in fact, when we asked 2,000 UK adults, we discovered that over 50% of us altered our savings habits during lockdown.

We dived a little deeper to understand what changes, if any, we've made since lockdown and how these changes might have shaped our approach to saving money in 2022.

1. How the amount we saved changed after lockdown

Whilst the majority of us, perhaps seeking out stability amongst the chaos, kept our savings habits the same after lockdown, almost one-fifth are saving slightly more now. Just over 1 in 10 are saving less, with only a minority not saving anything at all.

How the amount we saved changed after lockdown

2. What we spent money on during lockdown

Even though many of us were confined to the house for long periods of time during lockdown, we spent the most money on clothes and footwear. A close second (and unsurprisingly) came home improvements – with new home offices, decorating and garden extensions becoming a priority!

What we spent money on during lockdown

3. What we saved money for during lockdown

The most popular reason for saving money during lockdown was for emergencies or ‘just in case’ (at 32%), and it looks like that trend is set to stay, with 31% of people intending to stick to that with restrictions easing. Other more optimistic reasons include saving for holidays and retirement.

What we saved money for during lockdown

4. How we saved money during lockdown

The main reason that we were able to save money during lockdown was, by the majority, down to driving less often. Many of us didn’t have much of a commute anymore and limiting visits to friends and family meant we were staying put a lot of the time.

Other reasons we saved money include fewer cash withdrawals and limiting luxury purchases. We also discovered that 37% of us are likely to keep most of these lifestyle changes after restrictions have lifted.

How we saved money during lockdown

5. What we’re saving money for in 2022

With light hopefully at the end of the tunnel, 40% of us are more determined than ever to save money. Unsurprisingly, the number of people now saving for a holiday has risen to just over 28%, with retirement remaining a similar priority, and home improvement coming up the list at 16.4%.

What we are saving money for now lockdown restrictions are easing

Maru conducted research among 2,000 adults living in the UK on behalf of Charter Savings Bank between 7 and 12 July 2021.

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Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.