Study shows how pandemic impacted Brits’ bank accounts

Despite the pandemic’s impact on people’s wages, Brits are currently facing positive shifts

bank accounts

Study shows how pandemic impacted Brits’ bank accounts. Source: shutterstock.com

The research has found that Brits’ average current account balance is now higher than pre-pandemic levels. Nevertheless, many of them have also had their significantly affected by the pandemic, leaving them in a worse position.

According to data, UK customers were holding on average 11% more money in their accounts at the end of May, compared to the pre-lockdown period.

The pandemic has created lots of uncertainty in a very short period of time, forcing people to make quick decisions on what to do with their money. Households appear to be adapting quickly, with balances increasing against a backdrop of falling income. However, we know that not everyone is lucky enough to be in this position. If you feel your future finances are at risk you should contact your bank at the earliest opportunity to get the help and support you need at this challenging time
Martin Turner, Head of Current Accounts, Halifax 

We’ve reported that spending on non-essential items among Brits was down 42% in April, compared to last year. The fact that many establishments still closed cause a drop in spending on holidays (94%) and in restaurants (75%), accounted for 11% and 9%, respectively.

Although, the survey revealed that the amount of money put towards charitable causes raised 4% in April compared to last year. It shows significant support to the most vulnerable in society during these uncertain times.

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