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Since the pandemic started, consumers around the world have saved $ 5.4 trillion – and the British have been some of the biggest hoarders, Moody’s says
- The UK has one of the highest excess savings at over 10%.
- Economic stimulus measures and uncertainties have led to further savings
- Moody’s: Spending $ 1.8 billion in savings could increase global GDP by 2% in 2021
Consumers have saved an additional $ 5.4 trillion since the Covid-19 pandemic began and are more confident about the economic outlook, according to Moody’s.
The rating firm added that if people spent $ 1.8 trillion of that on-hand cash, it could add 2 percent to the global economy in 2021 and 2022.
The UK has also been estimated to have one of the highest excess savings at over 10 percent, second only to the United States, where households put away an additional 12 percent of their cash.
Spare Cash: In the second quarter of 2020, the savings rate in Great Britain rose to an astoni
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