Britons are accumulating more money than 16 other countries during the pandemic

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A survey conducted in 17 countries showed that British consumers are the world leaders in accumulating savings during pandemic lockdowns that have shut down shopping and travel opportunities.

YouGov Plc’s findings highlight one of the biggest questions economists are trying to answer. How quickly families spend their extra money, estimated at 250 billion pounds ($347 billion) in the UK and 500 billion euros ($596 billion) in the eurozone, will determine the strength of the recovery from the pandemic recession.

YouGov said about a third of people in the UK have increased their savings since March 2020, a level similar to Denmark but much higher than in the US, Germany, Italy, Spain and Australia. Their results were presented to Bloomberg.

a pile of money

A third of UK households have seen their savings increase during the pandemic

YouGov line

Most people said they would just spend some extra money. YouGov said less than 15% said they would spend most of their money, but that figure was roughly 17% in the UK.

The results revealed growing optimism, with families in most countries expecting a better situation 12 months from now than it is today. Most have complained of a severe blow to their finances since the India-led pandemic.

growing optimism

In short, people are optimistic about their short-term financial prospects.

Source for Bloomberg analysis of YouGov data

“The Danes and Swedes outperformed all of the countries surveyed,” said Emma McInnes, director of global financial services at YOU.Governor Governor Of the eight European countries surveyed, some performed better than others. Two out of five people in Italy and Poland have seen their family’s financial situation deteriorate, which is much higher than in France, the UK and Germany. “

The survey of nearly 19,000 people was conducted from May 14 to 28. It included more than 1,000 people in every country except Hong Kong, where the sample was about half that size. In the United States and the United Kingdom, more than 2,000 people were interviewed in each.

a pile of money

More than two-thirds of people plan to invest in their locked-in savings

Source: YouGov

In all of the countries surveyed, the majority of people went into debt, tapped into savings, or cut unnecessary expenditures. YouGov said fewer than a fifth were able to save more. This adds to the evidence that wealthy families were able to save money, while most people suffered.

“Many people around the world have had to deal with financial concerns and changes, such as concerns about job security and new spending and saving patterns,” McCins said.

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