Economists have noted British households’ propensity to accumulate ‘excess savings’ during the pandemic with a mixture of academic satisfaction and quiet admiration, writes Christine Hallett, chief executive of UK-based pension provider Options for Your Tomorrow.
A study by AA Financial Services found that 85% of British adults spent considerably less during lockdown. Monthly fuel bills fell by an average of £49; people saved £57 ($73, €68) by not venturing out to the pub or a restaurant and pocketed a further £53 by avoiding the high street and spending online instead.
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