0 £0.00
This item was added to your basket
Credit Strategy homepage

Dear visitor,
You are viewing 1 of your 1 free articles

We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

NatWest index reveals Covid-19 impact on household finances, as savings build to £3.7bn

A new NatWest index has revealed a 64% decrease in mortgage applications, since the lockdown began, while 240,000 of its existing customers have requested a mortgage payment holiday during that time.


Share on LinkedInShare on TwittereCard

NatWest launched Britain’s Family Finances Index, a tracker of the state of the nation’s finances during the current economic uncertainty, on Monday (July 6), and it shows how the pandemic has changed behaviour among its customers.


The index, which will be published monthly for the duration of the Covid-19 pandemic, charts the impact of the pandemic across March, April and May this year. Conducted using NatWest data on its own customers, the index shows that savings balances have increased by over £3.7bn due to restrictions on travel, holidays and leaving the house.


According to the index, disposable income has fallen for around 40% of the population. Despite this, NatWest reports that under-30s have seen a seven percent increase in spending in April. Credit card applications dropped by 63% for cards from the week before lockdown to the lowest point in lockdown.


Les Matheson, chief executive of NatWest Personal Banking, said: “During this difficult time, we know the needs of our customers are changing rapidly and uniquely. We anticipate many will face continued financial stress, with younger people the hardest hit.”


Philip Bartlett, UK economist at NatWest, said: “For many of us, our homes are now places where we earn a living as well as rest and play. This is going to have a lasting impact on house prices as demand for different types of property responds to the unprecedented economic shock currently unfolding.”

Share on LinkedInShare on TwittereCard
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.



FCA proposes extending mortgage repossessions suspension 

FCA proposes extending mortgage repossessions suspension 

Listen on demand webinar - How open banking can ensure responsible lending growth

Listen on demand webinar - How open banking can ensure responsible lending growth

Winners revealed for the TRI Awards 2020

Winners revealed for the TRI Awards 2020

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group