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money.co.uk comments: ONS Household Spending Figures

Written by Salman Haqqi, Senior Personal Finance Writer

11 June 2020

ONS has released new figures on household spend across the UK, following months of lockdown and social distancing restrictions. Money.co.uk comments on how people can best manage their money during these times.

Salman Haqqi, personal finance expert at money.co.uk said: “The closure of shops, restaurants, bars, and travel, means weekly household spending has been down. New data reveals that households are spending, on average, £182 less each week under lockdown. 

“For many, this has come alongside reductions in income. Therefore, any cuts in non-essential spending are a welcome relief on squeezed budgets. 

“For people lucky enough to be earning full wages, the lockdown has presented a golden opportunity to pay off debts or save.

“Those in debt should prioritise paying it off, be that on a credit card, loan, or mortgage. Then it’s time to save. While it’s not currently a savers market, there are still deals to be had. Ensure you check the best savings rates available, to make sure your money will work the hardest it can for you.”  

For people looking for support on debt management, money.co.uk has developed a guide to managing your debt during a pandemic. Link to ONS findings for reference -

https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/expenditure/articles/morethanonefifthofusualhouseholdspendinghasbeenlargelypreventedduringlockdown/2020-06-11

press@money.co.uk

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Salman Haqqi

Salman Haqqi, Senior Personal Finance Writer

Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. He left the world of journalism to pursue his passion for personal finance.

Read Salman Haqqi's articles and guides
Joel Kempson

Joel Kempson, Personal Finance Writer

Joel Kempson devotes his time to helping people navigate the world of personal finance and make informed decisions about their money. He spent his early career writing about TV, movies, comic books and rock music.

Read Joel Kempson's articles and guides