With the government encouraging the nation to stay home, residents in Cardiff have used the time to socially distance themselves from their debt, according to a new study.
The research from leading savings site VoucherCodes.co.uk reveals how the nation’s savings habits have changed since lockdown came into effect and investigates the feelings surrounding people’s financial situation during these uncertain times.
The findings show a decrease in the proportion Cardiff adults who currently say they are in debt, compared to those who did prior to social distancing measures being introduced. Excluding mortgages, those who are currently in debt dropped from 56% to 48%, equating to an 8% decrease in just 8 weeks!
Although this is great news, over a third (37%) of residents stated the government lockdown has made them feel anxious about the financial situation, with 12% thinking about money matters more regularly.
Anita Naik, Lifestyle Editor at VoucherCodes.co.uk, commented:
“While social distancing measures have drastically changed life as we know it, it’s encouraging to see that many people are actually seeing an improvement in their financial situation as a result. Whether that’s saving an extra £50 a week or taking this opportunity to pay back any existing debt, it’s great to see a positive change in people’s attitudes towards their finances.
“The decline in the number of people who are in debt since lockdown measures came into place is also promising. If you’re looking for achievable ways to save money during this time, simple ways to start include setting a weekly budget, and cancelling any subscriptions you no longer need. Finally, by being conscious to shop around and make use of discounts, you’ll be sure to get the best deals available, and the little savings will quickly add up.”