UK millennials put lockdown savings into stock markets
By Caoimhe Toman
Date: Monday 03 Aug 2020
(Sharecast News) - The Covid-19 pandemic which led to a precipitous fall in spending has also seen UK millennials invest their savings into the stock market.
The crisis pushed UK household consumption down by a record £9.5bn in the first quarter as people were locked in their homes and could not spend money in shops, restaurants and bars.
Yet that drop in spending has led to a pick-up in equities investment by people frustrated with low savings rates, particularly among millennials, found Interactive Investor.
The investment platform said that openings of tax-efficient self-invested personal pensions (SIPPs) and ISA investment accounts by 25 to 34 year olds jumped more than 250% year-on-year during the second quarter.
According to Reuters, 69% of British millennials with investment portfolios have added to them in the past month or plan to do so in the next month.
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