New research from Barclays highlights Brits’ desire to have a break from home cooking and to up their grooming game post lockdown as more than one in three plan to spend their money on eating out (36 per cent) and getting a haircut (36 per cent) within the first month of lockdown restrictions enabling them to do so.
When asked what they are most looking forward to as lockdown starts to ease, almost half of millennials (48 per cent) said visiting family and over a third (37 per cent) said seeing friends.
Despite there being no end in sight for international travel restrictions, a quarter (25 per cent) are excited to jet off on holiday and 23 per cent simply cannot wait to have the freedom to do what they want.
Also high on the list of activities people are planning to spend their money on first are a family day out (26 per cent), going to the pub (23 per cent) and booking a holiday (21 per cent).
Top 10 things millennials are going to be spending on their money on post lockdown
1. Meal in a restaurant (39%)
2. Getting a haircut (35%)
3. A family day out (32%)
4. Booking a holiday (25%)
5. Going to the pub (24%)
6. Shop-bought coffee (20%)
7. Buying new clothes (19%)
8. Booking a weekend away (19%)
9. A night out (16%)
10. Grabbing food on the go (16%)
Brits have also started new hobbies and activities during lockdown to keep them entertained.
When it comes to the new skills and hobbies Brits have picked up during lockdown, Barclays research showed that cooking and baking came out on top (27 and 24 per cent respectively), followed by reading (21 per cent) and gaming (16 per cent).
Despite many Brits turning to their games consoles, there has also been a surge in popularity for more low-fi activities. The nation has also become more green-fingered during lockdown with 15 per cent taking up gardening. 14 per cent say they have embraced traditional games like cards, puzzles and crosswords.
But it’s not just how some Brits are spending their downtime that has seen a shift. A huge 83 per cent of millennials admitted that the current situation has changed their behaviour towards finances, compared to a third (33 per cent) of people aged over 60.
Top 10 new skills and hobbies millennials have picked up during lockdown
1. Cooking (27%)
2. Baking (24%)
3. Reading (21%)
4. Gaming (16%)
5. Gardening (15%)
6. Fitness related (18%)
7. Traditional games e.g. cards, puzzles, crosswords (14%)
8. Quizzing (12%)
9. Art related skills e.g. calligraphy, drawing or painting (10%)
10. Learnt a foreign language (8%)
37 per cent of millennials are committed to putting more money into a savings pot, 35 per cent commit to paying closer attention to their finances and 12 per cent plan to reduce the amount they spend on gym membership / exercise classes. Almost two thirds (31 per cent) have also vowed to try and reduce the amount spent on eating out, while 30 per cent plan to do more free/cheap activities with friends and family.
Jo Harris, Head of Barclays Money Mentors at Barclays, said: “These extraordinary times have shone a light on many aspects of our lives that we perhaps previously haven’t had the time or headspace to focus on.
“It’s fantastic to see that financial wellbeing is one of the key things millennials in particular are taking away from this unprecedented situation, with almost a quarter realising they can be more self-controlled with money than they previously thought.
“What’s apparent is that as we approach the end of lockdown, a huge number of people will be looking for guidance on how to best manage their finances in the long term to achieve what they want, which is why we’re opening up our Money Mentors service to even more people on social media.”
Anyone can book an appointment with Barclays Money Mentors through the dedicated website, barclays.co.uk/money-mentors. What you discuss in a Money Mentors session is completely confidential, and the guidance given is wholly impartial, no matter who you bank with, or how big or small your questions are.
