Britons saved almost £4bn as a result of the Omicron variant
New research[1] has highlighted Britons saved almost £4bn[2] as a result of the Omicron variant disrupting social plans during the festive period.
The identification of the new variant and the subsequent surge in positive cases caused many to put festive plans on hold this year, resulting in 35% of people saving money, with an average saving of £212 per person. 1% of people cancelled bigger plans over Christmas, resulting in savings of over £1,000. Overall UK adults saw total savings amount to approximately £4bn.
Variant’s
emergence
The
data
also
revealed
that
those
aged
between
25 and
34 saw
the
biggest
savings,
with 41%
saying
they had
saved
money on
socialising
during
the
festive
period
following
the
Omicron
variant’s
emergence.
Previous
research[3]
in 2020
found
that 18
to
30-year-olds
were the
most
likely
to be
saving
more
money as
a result
of the
pandemic,
with
almost
48%
saying
they had
put more
money
aside
following
the
first
lockdown.
With the cost of living impact becoming ever more prevalent as we move through 2022, many will no doubt be thankful to have saved a few extra pounds from the festive season. Being in control of your finances enables you to manage them more effectively, and eliminates the pressure of worrying about money as you have the sense of security that comes with knowing how much you have available to spend.
Financial
difficulties
There
will
always
be times
throughout
the year
when
expenditure
will
vary, so
having
well
managed
finances
will
allow
you to
be
prepared,
regardless
of what
changes
may
happen
along
the way.
If you
have
money
set
aside
for
emergencies,
you’re
far less
likely
to
experience
financial
difficulties
or have
to
borrow
at a
high
interest
rate if
things
go wrong
or your
circumstances
change.
Knowing
you’ve
got some
money
tucked
away
might
help you
sleep
better
at night
too.
Saving regularly is a good way to build up an emergency fund. You’ll find that if you get into the habit of saving each month your savings will soon mount up. There isn’t a one-size-fits-all approach to emergency savings because everyone’s expenses, income and priorities are different. Your end goal ideally should be to set aside between three to six months of your expenses.
Source
data:
[1]
YouGov
research
conducted
for
Quilter.
Total
sample
size
was
2069
adults.
Fieldwork
was
undertaken
online
between
23rd
–
25th
December
2021.
The
figures
have
been
weighted
and
are
representative
of
all
UK
adults
[2]
YouGov
research
conducted
for
Quilter.
Total
sample
size
was
2069
adults.
Fieldwork
was
undertaken
online
between
23rd
–
25th
December
2021.
The
figures
have
been
weighted
and
are
representative
of
all
UK
adults.
Total
savings
calculated
by
Quilter
using
median
savings
figure.
Total
UK
adult
population
calculated
by
Quilter
using
ONS
estimated
population
data
Estimates
of
the
population
for
the
UK,
England
and
Wales,
Scotland
and
Northern
Ireland
–
Office
for
National
Statistics
(ons.gov.uk).
[3]
Survey
conducted
by
Toluna
on
behalf
of
Quilter
between
27-30
April
2020
with
1014
UK
adults
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