More than half of consumers did not save during the pandemic

More than half of consumers in major economies did not increase their savings during the pandemica survey shows.

Research in 18 countries carried out by YouGov Plc, shared exclusively with Bloomberg News. it shatters the idea that households have a cushion against a deepening cost-of-living crisis.

YouGov said that 51% of respondents did not increase their savings during the pandemic. The rate was lowest for Germany, at 39%, while Italy’s figure was just 40%. The United States, the United Kingdom and Canada also obtained results below 50%.

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The survey looks at 20,000 adults in 18 countries and undermines hopes that a global savings glut will help households weather rising inflation. Instead, it paints an unequal picture of finance, which could pave the way for deepening inequality in the coming months.

The YouGov survey also suggests that accumulated savings are rarely spent on luxury items. Of those who did save, about half manage to keep the extra money. More than a quarter spent the money on bills or other essential purchases.

Only 13% used them to finance vacations and social events since restrictions were lifted, and 19% used the money for home improvements or moving houses.

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