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Spare money will go towards holidays after lockdown

People want to spend money on holidays after lockdown.

A new study by Scottish Friendly has revealed that over a third (34 per cent) of people are keen to spend the extra income they've saved throughout the coronavirus pandemic on travel and accommodation for their overseas holidays, whilst 29 per cent will use their saved money on domestic holidays.

And when they do go away, they'll also look to be spending that money in bars and restaurants both abroad and at home, with 28 per cent envisaging dropping more money on restaurants and cafes whilst another 19 per cent will spend more money in bars and pubs.

Kevin Brown, savings specialist at Scottish Friendly, said: "The extra cash that many Brits have been fortunate enough to save over the past 12 months has been sat idle in bank accounts while people wait for restrictions to be lifted. A large proportion of Brits clearly intend to enjoy the opportunity to finally spend some of that cash over the comings months on holidays, meals out and in the shops. This will provide a welcome boost for many businesses, but it could lead to a sharp spike in prices during the remainder of 2021, which risks hurting many savers."

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