The survey looks at 20,000 adults in 18 countries and undermines hopes that a global savings glut will help households weather rising inflation. Instead, it paints an unequal picture of finance, which could pave the way for deepening inequality in the coming months. The YouGov survey also suggests that accumulated savings are rarely spent on luxury items. Of those who did save, about half manage to keep the extra money. More than a quarter spent the money on bills or other essential purchases.
Only 13% have used them to fund vacations and social events since restrictions were lifted, and 19% have used the money for home improvements or moving houses.
What happened in Argentina
Contrary to this study, the pandemic for Argentines was used for the opposite purpose, perhaps due to the impact of inflation and a greater tendency towards saving to protect money. According to a 2021 Schroders study, almost half of investors (46%) will save more once restrictions have been lifted. This feeling is stronger in those who are between 18 and 37 years old.
In the Argentina, 82% of investors have spent more time thinking about their financial well-being and reorganizing their personal finances due to COVID-19. This more measured approach also carries over to investors’ retirement prospects, with 58% of retirees globally now more conservative about spending their retirement savings, while 67% of who have not yet retired want to save more for their retirement. The impact of the pandemic in Argentina is most evident in people’s retirement plans: 80% of non-retirees would like to save more for retirement.
In the Argentina, 64% of investors consult the value of their investments once a week or more (an increase of 9% compared to 55% in 2019). In addition, the pandemic was positive for savings: 29% of Argentine investors managed to save more than they had planned, 36% as planned, while for the other 35% they did not manage to reach their savings goals.
Source: Ambito
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