What we’re saving for in 2022 | Infographic
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.
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!
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.
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.
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%.
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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