Singleton also believes that once the tax holiday has ended and lockdown restrictions have concluded, aspirational spending is likely to see an uptick.

She said: “Once we begin to remerge into our normal way of living, there will be an increase in aspirational spending as people book holidays, buy new cars and other unessential purchases they have wanted.”

However, looking to the new normal, Singleton points to the importance of the ‘Bank of Family’.

Research collected by Legal & General Home Finance shows 15% of the older generation believe they will provide an additional sum of £353 in financial aid, meaning £1.9bn could be given to younger family members needing financial support through the pandemic.

Over a third (39%) of young adults, around 3.3 million people, receive regular financial support from their older family members and depend on it to cover their monthly outgoings.

As a direct result of this data, Singleton anticipates an uptick in equity release over the second half of 2021.