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.”