LONDON (June 20): More than half of consumers in major economies did not build up their savings during the pandemic, a survey shows.
The research in 18 nations by YouGov plc, shared exclusively with Bloomberg News, punctures the idea that households have a cushion against a deepening cost of living crisis.
YouGov said 51% of respondents failed to add to their savings during the pandemic. The rate was lowest for Germany, at 39%, while Italy's figure was just 40%. The US, the UK, and Canada also saw results below 50%.
The survey covered 20,000 adults across 18 countries and undercut hopes that a global savings glut would help households weather a spike in inflation. Instead, it painted an uneven picture of finances, potentially paving the way for deepening inequality in coming months.
YouGov's survey also suggested the nest eggs that did accumulate were rarely being spent on luxury items. Of those who saved, about half were managing to hold onto the extra money. More than a quarter spent the money on bills or other essential purchases.
Just 13% used them to fund holidays and social events since restrictions lifted, and 19% used the money for home improvements or moving house.