As savings in Britain reached a record high, new research has uncovered that the nation is determined to keep those savings on lockdown even as Covid restrictions ease leading up to 21^st June. More than three quarters of Brits (77%) say they want to continue to save the same amount even when restrictions lift and they’re able to socialise regularly again.  

The new research from Zopa highlights that 70% of Brits are planning to stick to the savings habits that they started in the last 12 months. While more than two thirds of those surveyed (71%) even said that their saving habits are so good now that saving is just an unconscious decision for them. 

As lockdown eases and restrictions lift leading up to the 21^st June, plenty of Brits are making plans but a staggering 75% of Brits said that they wanted to avoid dipping into their savings. Their determination is often motivated by a specific goal, with more than half of savers surveyed (54%) saying that they were saving for a major life event such as buying a house, a wedding, retirement or a holiday of a lifetime.   

Many Brits are making great progress towards these goals as shown by the latest update of the UK savings ratio report, showing a record high of 16.3%* in 2020, Zopa’s research highlights that this is a result of the nation taking the last year to re-evaluate their finances. 70% said that over the last 12 months they’ve made monthly deposits into their savings, while nearly one in 10 (8%) save every week and 21% save as and when they can. In fact, nearly three in five Brits (57%) said that their relationship with money and saving has improved over the last 12 months.  

Savings aren’t the only way that people are improving their financial outlook. During the pandemic, Zopa’s own data shows an 11% increase in customers making additional payments to their loans, and 500% more people have been checking Zopa’s Borrowing Power feature that allows users to find ways to improve their credit score.  

Based on these insights, Zopa’s ‘Post Lockdown Piggybank’ provides a selection of options for those looking to sustain good financial habits. Found in Zopa’s app, users can: 

·        Save money on bills through comparing energy providers and switching in minutes 

·        Improve their credit score through personalised actions, enabling them to access their best Zopa loan rates 

·        Grow their savings with competitive rates on Fixed Term Savings accounts, allowing them to lock money away for one to five year to help them achieve their goals 

·        Control their spending using the Safety Net feature on Zopa’s credit card to lock away part of their credit limit and use the spend breakdown to better understand their purchase behaviour 

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 traveling abroad. It’s great to see that Brits aim to continue saving, but as restrictions gradually start to lift, it may get more difficult to stick to our goals. At Zopa, we have the perfect range of tools in our app to help people continue with good financial habits whether it’s saving, building their credit score or getting in control of their spending.”  

Zopa has also worked with some of its regular money experts to compile their top tips on how to keep your savings habits on the right track: 

Laura Ann Moore 

“Be specific on what you are saving for, and maybe even name the savings pot as your goal. When an emotion is attached to a savings goal, it helps us stay motivated towards saving more and not dipping into the pot of money. For example, if over lockdown you were saving money and you’ve decided to spend it on a post-lockdown travelling trip, give yourself a constant reminder of the reason behind saving that money (i.e. the excitement of a holiday) so you are more likely to favour the delayed gratification of the saving, over the instant gratification of spending it.” 

Ashley, Money Medics 

“My biggest saving tips, would be to  

a) plan 

b) not get too ahead of yourself  

“It’s so easy to get excited by the prospects of shops and restaurants reopening, that you end up spending your social budget and money you could have saved in a very short period of time. So it’s important to list down all the places you would like to go to (shops/restaurants) and then realistically figure out what you can actually afford to do each month “after” you’ve locked your savings away. If any don’t make the cut, they can always be added onto next month’s budget or the month after. Just remember the shops and restaurants aren’t running away and will always be there.” 

Lynn James, Mrs Mummy Penny 

“My cash emergency savings (six months’ worth of essential expenses) are stashed away in a separate bank account with no app or card access. Hence no temptation to spend this when the new lockdown life returns. In readiness for post lockdown life with all those extra drinks and dinners, I have made adjustments to my budget. I have a ‘fun spends’ allocation which I have doubled for the next few months!”