An inability to travel overseas or even interstate in many cases, plus lockdowns keeping people out of restaurants and shops, means Australians are saving a lot more.

About 37% of Australians say the latest round of stay-at-home orders improved their savings, according to a new survey from UBank.

Of those, 45% are millennials, which Ubank chief executive Philippa Watson says are more adversely affected by the economic shutdown. She says young people are disproportionately impacted by lockdown job losses, as they are highly represented in the hospitality and retail sectors. As a result, many have started saving an “emergency fund’’ for future lockdowns and forced time off work.

ABS figures show savings ratios increased from 6% to 19.8% in the March Quarter. Many are using the savings to renovate homes or buy investment properties. While most are saving more, the survey found one-in- five respondents believe Covid has a negative effect on their ability to save, many because they are spending more online.