During the past year and a half, we’ve experienced a stock market collapse, unemployment, many deferring their mortgage payments – and paradoxically, a booming housing market, plus bulging savings accounts.
Analysis by the Bank of England [1] has identified 28% of households have seen income fall during the coronavirus (COVID-19) pandemic, rising to 66% among the self-employed. Spending has fallen further, even for those in work. The Bank estimates that 57% of households cut their spending in the early months of the crisis.