Families managed to save £7,100 on average as coronavirus lockdown saw non-essential shopping and dining out put on hold for months.
Britons put away a total of £197billion in savings in 2020, leaving experts hopeful that increased spending next year could give the economy a much-needed boost.
But people on higher wages benefited the most from lockdown savings as their jobs were most-likely suitable for home working.
Families managed to save £7,100 on average as coronavirus lockdown meant non-essential shops, pubs, bars and restaurants all shut their doors (file image)
Millions are still facing financial hardship as two national lockdowns pushed business to breaking point and kept people out of work for months.
The Centre for Economic and Business Research (CEBR) reports that British households spent 14 per cent less than they did last year – while savings are twice as large as in 2019.
From the start of January to the end of March, people saved 10 per cent of their disposable income, the CEBR found by analysing Office for National Statistics figures.
Eager Christmas shoppers flocked to high streets up and down the country last weekend (Oxford Street on Sunday, pictured) in a move set to bring a much-needed boost to Britain’s hard-hit economy
Between April 1 and June 30, the percentage of money saved more-than doubled, hitting 29 per cent.
While figures for the third and fourth quarter have not yet been released – the CEBR has predicted a yearly average saving of 19 per cent of total disposable income.
Last year, this figure was just 7 per cent, The Times reports.
Eager Christmas shoppers flocked to high streets up and down the country last weekend.
On Saturday alone, experts predicted £1.7billion will be splurged in total – with more than £3million spent every minute.
London’s infection rate per 100,000 people stood at 191.8 on December 6, up from 158.1 the previous week. Pictured: Crowded streets in London last week
Pictures of crowded high streets in London came as the capital’s stands at the cusp of Tier 3 restrictions due to ‘terrifying’ Covid figures.
London’s infection rate per 100,000 people stood at 191.8 on December 6, up from 158.1 the previous week.
A source told The Daily Telegraph that London being thrust into the Government’s highest tier of lockdown rules is ‘inevitable’.
Tier 3 rules would see all bars, pubs and restaurants close. Hotels would also have to shut under top-tier rules – but may be able to reopen between December 23 and 27 when families are able to form a ‘bubble’ with two other households.