More than 11 million Britons have less than £1,000 in savings

Comments

• fakeman_pretendname@feddit.uk ⁨1⁩ ⁨year⁩ ago

  “The thinktank urged the government to take action to encourage saving”

  Do they think people don’t have savings by choice?

  They might find a lot more people “willing” to save if their incomes were a bit higher compared to the cost of basic living.

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  • echodot@feddit.uk ⁨1⁩ ⁨year⁩ ago

    I actually do have savings it’s just for some stupid reason the bank don’t seem to want to give me decent interest rates I wonder if that’s got something to do with the government

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    • Anticorp@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Savings accounts almost never have good rates. Hell, my checking account pays more interest than my savings account, which is still almost nothing. You have to move your money into money market accounts, CDs, bonds, or other stable investment vehicles if you want to earn a little guaranteed return on your savings. The problem with that is that it’s not instantly available for critical emergencies.

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  • BruceTwarzen@kbin.social ⁨1⁩ ⁨year⁩ ago

    Ah these dumb fucks don't like having money

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• saltesc@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Well that makes me feel better about my situation. I have enough to survive two weeks without a paych- oh…vehicle registration. Aaaand it’s gone.

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  • Fudoshin@feddit.uk ⁨1⁩ ⁨year⁩ ago

    vehicle registration

    Eh?

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    • echodot@feddit.uk ⁨1⁩ ⁨year⁩ ago

      I’m confused by what your confused by

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  • echodot@feddit.uk ⁨1⁩ ⁨year⁩ ago

    Oh yeah you just reminded me, my road tax runs out at the end of the month. Yay.

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  • blackn1ght@feddit.uk ⁨1⁩ ⁨year⁩ ago

    What’s vehicle registration?

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    • Shawdow194@kbin.social ⁨1⁩ ⁨year⁩ ago

      In some places government requires vehicles to be
      regularly re-registered at certain intervals and it's usually associated with a bill or fine to update the registration paperwork on the vehicle

      Most cases it's just a way to collect taxes at a local level

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  • sunbeam60@lemmy.one ⁨1⁩ ⁨year⁩ ago

    You’re not asking for advise and it’s a lot easier to manage a budget when you’re not living hand-to-mouth (been there myself), but I really can recommend something like YNAB. It made a WORLD of difference for our family.

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• BenM2023@lemmy.world ⁨1⁩ ⁨year⁩ ago

  They have us where they want us…

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• Etterra@lemmy.world ⁨1⁩ ⁨year⁩ ago

  As an American I would like to know the secret to their great wealth. And no, that’s not sarcasm; I’m disabled and poor as dirt.

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  • BruceTwarzen@kbin.social ⁨1⁩ ⁨year⁩ ago

    I assume they aren't crazy for avocado toast

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  • okamiueru@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Capitalism hasn’t reached the same level of endgame as in the US. Headed there tho.

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• SpicyLizards@reddthat.com ⁨1⁩ ⁨year⁩ ago

  Almost like we need to be taught how to save, the condescending fucks!

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• Tweak@feddit.uk ⁨1⁩ ⁨year⁩ ago

  I feel like that figure is higher than quoted here, also I would be more interested in knowing how many Brits have negative net worth.

  Debt is a fucking evil trap.

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• Hello_Kitty_enjoyer@hexbear.net ⁨1⁩ ⁨year⁩ ago

  Bluddy ‘ell, an’ whose foh’ is that nayuw? Mybee, if all dem dere shavs had sta’ ed to luk afta’ demsulves, they wuden be in dis predi’ amen in the feeehst plice!

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• Anticorp@lemmy.world ⁨1⁩ ⁨year⁩ ago

  That’s approximately 11% of the population.

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  • palordrolap@kbin.social ⁨1⁩ ⁨year⁩ ago

    Of the total population.

    The working-age population is probably half that, which doubles that 16% to 32%.

    Let's see a newspaper run with "Austerity gone wrong: One in three Britons have no savings"

    But then that's too many words for a front page.

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    • Anticorp@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Oof, that definitely paints a more dire picture.

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• Paddzr@lemmy.world ⁨1⁩ ⁨year⁩ ago

  [deleted]

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  • mannycalavera@feddit.uk ⁨1⁩ ⁨year⁩ ago

    I’m technically in the top 2% earners and outside of London… You could give me £20k and i still would be in debt.

    Feel free to say no, but what’s the deal here? I assume top two percent means you’re on a pretty decent wedge even outside London. But £20k works still leave you in debt?

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• autotldr@lemmings.world [bot] ⁨1⁩ ⁨year⁩ ago

  This is the best summary I could come up with:

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  More than 11 million working-age people in Britain don’t have basic “rainy day” savings of at least £1,000, according to a report that warns that the poorest households are struggling to build up financial resilience amid the cost of living crisis.

  It said fewer than half of working-age households in the UK had savings worth at least three months of income, leaving them ill-equipped to face events such as unemployment or family breakdown.

  Highlighting the risk to households struggling with the cost of living crisis, it said those with lower levels of savings were more than twice as likely to use credit cards, overdrafts or borrowed money than those with more than £1,000 held back.

  The thinktank urged the government to take action to encourage saving, calling for an expansion in auto-enrolment contributions by employers and workers to boost levels of financial resilience, suggesting a rise to 12%.

  Molly Broome, an economist at the Resolution Foundation, said: “We can address all three challenges by building on the success of pensions auto-enrolment to opt more people into both easy access and long-term saving.

  “We should also offer people more flexibility over their pension pots, as other countries do, in order to help them with difficult circumstances.

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  The original article contains 398 words, the summary contains 205 words. Saved 48%. I’m a bot and I’m open source!

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