Revealed: Britons have saved £339 billion since the start of the pandemic with over half saving more than they did before

Since the global outbreak of COVID-19 began in early 2020, many UK residents have experienced extra financial pressure. To help understand how the UK is coping, Blacktower Financial Management surveyed UK residents to uncover the truth about personal finances during the pandemic

With the worst yet to come, and long-term recession and tax implications yet to be fully determined, the pandemic has prompted over half of the UK to save more than usual each month. The study can reveal that UK residents have saved an astonishing £339 billion since the start of the pandemic.* Leading the way, the people of Belfast have started saving more than any other UK city, with Bristolians and Brighton-based rounding off the UK top three.

Top tips for getting your finances in order

The current pandemic has disrupted finances for many, resulting in a huge change in attitude towards spending. Over half of UK residents are treating the pandemic as a wake-up call and choosing now as the right time to get their personal finances in order, while nearly 60% have changed their spending habits for the better.

Regardless of the setbacks, Blacktower Financial Management has provided as list of the positive things you can do to get your finances in order:

1. Build an emergency cash resource
It’s important to build up a rainy-day fund that you can fall onto if you face any unexpected costs. We advise to build up an emergency fund that’s at least three months of your outgoings, so add up your bills and essentials to work out how much you will roughly need.

2. Be realistic
Track your spending. There are so many useful apps available that automatically sync with your bank accounts so that you have all the information you need in one place. Review your budget as you go, and figure out what is working, what can change, and what is achievable.

3. Cut your spending
Identify the ways you can cut back on your outgoings and have more control over your spending. One tip is to write down all your monthly expenses and do some research to see if you can get better deals and cancel any unnecessary subscriptions.

4. Safety proof your savings
It’s important to ensure your savings are protected by Financial Services Compensation Scheme (FSCS), who will cover your savings up to £85,000.

5. Seek expert help
Book a meeting with a financial advisor to discuss the options available to you, but make sure you fully understand what you’re signing up for.