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Ian Browne, Financial Planning Expert at Quilter, comments on what people are spending their lockdown savings on, amid the cost of living crisis.
While many people were able to save during the lockdowns and have had those funds to fall back on during the cost-of-living crisis, almost half were unable to save in the first place and could be left in a financially vulnerable position. Even those who were able to put some money aside have seen their savings rapidly swallowed up by rising costs - particularly on day-to-day bills such as food, car fuel and heating and electricity. Those without savings will be feeling the pressure even more keenly.
Millennials and Generation Xers have been hit the hardest, with 17% and 14% having spent all of their lockdown savings in the past three months respectively. With inflation marching ever higher, prices are set to continue rising and people with little to no savings to fall back on could begin to struggle.
Full release: Lockdown savings – where are they now?
Media contact: Megan Crookes, Quilter, 07500523227
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