Since the beginning of lockdown, we’ve seen a 103% increase in the amount of money put aside since the beginning of the pandemic as Brits save more and spend less.
Chip’s user base nearly doubled this year as UK’s savers’ priorities shifted towards financial security and saving in light of the coronavirus pandemic and its impact on the economy.
Coupled with a rise in manual saves, we recorded a pretty sharp increase in the amount put aside during lockdown with June hosting the highest average amount put aside per user per month in Chip’s history at £214.70.
Our top feature, auto-saves, also saw a significant increase, with May being the highest on record with £114.69 on average per saver, per month.
Compared to the start of lockdown in March, July’s monthly auto-save amount went up from £74.79 to £106.33.
Now for what is arguably our most impressive findings yet - you ready?
In the first six months of 2020, while we’re all trying to pretend it didn’t happen, our average single manual save amount increased by an impressive 256%.
Our average monthly manual saves saw a massive 356% increase compared to this time last year, recording our biggest manual save of £257.55 in June, too!
Our goals data shows how the priorities of Chip savers have shifted towards financial security with “safety net fund” keeping the number one spot - previously occupied by “holiday” - since the start of the pandemic.
The top 10 goes:
In the meantime, weddings are taking a back seat when it comes to saver priorities - the goal disappeared from the top 10 in July altogether.
It also looks like Christmas is on Chip savers' radar early this year - the goal crept up to number four in April has been there ever since.
The results also might signal the hope that travel might resume properly soon, with “Australia” at number seven. It’s the first time in five months that a destination made our top 10.
Chip’s CEO and founder, Simon Rabin, says:
“This year has been without a doubt one of the most turbulent in our lifetimes. The events of 2020 have really highlighted the importance of having a financial buffer and taking control of your finances. At Chip, we are seeing this shift first-hand: our assets under management grew 40% in just two months, as consumers became more concerned about financial security, and our user base nearly doubled this year.
Many of our peers across the fintech sector have been focussed on making it easier to manage your spending, but we’re using this disruptive tech-led approach to make sure people are saving up and earning the best returns.”
As Chip continues to grow, our focus is on providing more people with the tools for making saving easy, effortless and rewarding. We’re committed to opening up the exclusive world of the traditional savings industry and building the digital app-based future of savings.”
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