The lockdown measures, introduced in response to Covid-19, have had a profound effect on the spending and saving of UK consumers. Yolt, a smart money app with over one million registered users, has analysed anonymised transaction data from a representative sample of its users, to show how lockdown has affected spending in the UK.
Since Yolt allows users to aggregate and view all their accounts in one place, regardless of which banks they use, sampling Yolt’s data gives a clear view of UK consumers. Below are some of the main findings.
Please note, weeks are compared with the same weeks in previous months, pre-lockdown, in order to make meaningful comparisons.
Since the last week of February and 1st week of March (pre Covid-19) to the end of April, the UK population is:
Yolt has recently launched its ‘Lockdown hub’, to share insightful blogs, guides and hints & tips style content on how to manage your finances through these uncertain times.
Pauline van Brakel, Chief Product Officer at Yolt, comments:
“Covid-19 has caused upheaval in all our lives and UK consumers are having to adjust their lifestyles, in light of the government’s guidelines on social distancing. Our data shows that as the lockdown restrictions continue, we’re finding ways to keep entertained, such as discovering new TV programmes or rediscovering our enthusiasm for gaming, and we’re not forgetting to treat ourselves to the odd take away or two.
“It’s encouraging to see that for those of us who are managing to save on the costs of travelling into the office or on socialising at the weekend, those financial windfalls are being put into savings for the future.
“Yolt’s mission has always been to support people with their finances, through good times and more difficult times, like the present. Digital tools and services like Yolt, provide transparency across all your finances, empowering people to establish good money habits.