To be shocked that 50k in savings is seen as ‘ not much in savings’ - maybe on mumsnet - but think about how people are struggling to put food on the table.

I don't understand this idea that people can't write about their financial situation in case it upsets someone else. Nobody is being forced to read it!

This seems quite a weird take OP, you posted about £50k savings and are now offended on behalf of people who can't afford to have £50k savings.

Mumsnet is for everyone. Some people are well paid and some are not, some people have inheritances and some do not. Some people have nice husbands and others do not. Everyone is allowed to ask their question and give their opinion without having to second guess the views of other posters in attempt not to upset anyone.

I don't resent wealth, but if 50k isn't much to have in savings, that doesn't make any sense in the context of it being almost twice the average annual wage. Everything about average incomes is just bizarre and is breaking everyone except the very rich.

Agree, and I would include children in the "spending beyond their means" category. People need to strive for substantial savings to safeguard themselves, and make sure they don't become a burden to society if adversity strikes, well before they take on the additional responsibility of safeguarding other human beings.

I was similarly shocked by a recent post asking what you should aim for as an emergency fund, and the vast number of posters said less than £5k. To my mind that is one major expense away from debt and not very many months of expenses in the face of job loss. I understand that getting that much is a struggle for many - I have been there in life - but what was shocking was thinking £1-3k was somehow sufficient or secure. I was always taught the importance of aiming for 3-6 months of expenses in savings(which did take me a while to achieve), and in the current environment will not let us drop below a year of expenses, as I know many who have found themselves longterm unemployed in their 40s/50s. We prioritise saving over vacations, home improvements, clothing, etc. There are many who cannot build savings or afford luxuries, but there are also an awful lot of people who spend as much (or more) than they earn by choice.

The real issue isn't so much whether it is a large amount or not, but that so many people are in real danger of struggling through retirement due to a lack of savings. And should really be angry and up in arms about it, instead of claiming that others don't in reality have that much money....

It’s lot of money to me for sure

we take home £200000. We have a few companies. We have only about that savings.

im
more I’m alive now let’s spend it type of family!

It’s a big chunk of money but if you’re mid 30s and want to retire it’s not exactly going to go very far! Depends on your perspective. Some people just want want want.

I think this demonstrates how we are all totally in denial about Class.

Class is something that we've stopped talking about.

The idea of Identity (for good and bad) has taken it's place in the vocabulary of why inequality exists.

But fundamentally - some people are born into a situation where +50K savings is the norm.

And the rest of us aren't.

There are a few minor adjustments that the rest of us might be able to make.

But at population level - if you're born into it, you're sorted.

I so badly wish that we could all step back and see that.

The fact that working class people vote Tory or Reform is testament to the fact that both those parties are prepared to name the problem (which Labour won't do now - hollow LOL) - and then blaming it on immigrants/experts/chemtrails/whatever.

Not sure what you are trying to say. I would hope by the time we get to retirement we have a lot more than we currently have. We are in our early 40’s and have around 60K in savings. At one point we had 120K but then we bought a house. Now we have again worked on building up our savings. So it is important to keep saving but we still try to enjoy the good things in life like time with family, holidays, good food etc.

We have about 50k in savings... it's a lot of money yes, it's DH annual, Net salary so if things go tits up we will be ok for a while.

How ever if we decided to move, wanted to spend on house renovations, or whatever it wouldn't go very far and could very quickly be spent! So its value in regard to what it could be spent on is not great. But that's not what it's for. It's our safety net and I know how lucky we are to have it.

There are plenty of people that live hand to mouth or are in debt. So 50k in savings is amazing. But there are also many that have well over this. To some 50k might feel like a lot and to others not that much. It is all relative. For example people sending kids to private school, and there are many....50k would only pay less then one years fees for two kids. Therefore, to play it safe I think you would only send if you had multiple years worth of savings for two kids. To those people 50k might not seem all that much. But then to the many that might struggle to get food on the table or to pay for one holiday a year etc 50k is a lot. It all depends on circumstances. Yes, it sucks, but it is the way of the world these days.

I think this thread is pretty disingenuous OP. People have tried to advise you best they could. I don’t think it’s braggy to say that with ‘only 50k’ life savings it’s potentially unwise to gift away 20k of that so children who are taking out 30/35 year mortgages have 10k less deposit. That doesn’t make sense. It’s not a lot of cash for the rest of your lives. By the time they finish off paying off that last 10k in 35 years time you might still be here! It’s going to be worth nothing then; say the equivalent of 3k today to them. If you were to invest it that’s worth a whooping 40-50k to you potentially.

If you really want to do something then I would suggest gift 5k as a moving in present. This will be helpful. Could be used for window dressings and utilities, furniture, a new bathroom etc. that will be helpful to them and I am sure they will be very grateful.

Those who talk about money have money. That's all. It's self selection

OP you are aghast at how comments about your personal savings situation may sound to people who have less, does this mean that no one can ever post about their individual situation in case it upsets others.

I do have more savings than you AND I understand others don’t. I am not unaware of others lives.
Purely saying that giving your children 40% of your £50k life savings doesn’t leave you much of a cushion in your 60s doesn’t mean I don’t think it’s nothing, or that I don’t realise many people won’t ever have that, but I do stand by my opinion, that for me it’s not a huge amount at your life stage.
I have also learned in this thread that it is less than the average for people your age of £27k per person.

This is a good point, the closest garage to where I live is on at offers over £60k! Single but it has water and electric. (And I’m nowhere near London) madness

Im one of those mnetters with a 6 figure salary etc... and i think 50k is a bloody good savings pot!

Now i do think context matters. If you said you had £50k saved and that was your whole intended deposit wanting to buy a four bed house in London, i would say you would find it tight.

If you were 60, and 5 years from retiring and thought that was enough in a pension pot for a comfortable retirement.... I'd disagree.

But 50k of just "rainy day savings"? Im willing to bet less than 5% of households in the uk have so much.

Or a play house... a shed! If youre really lucky. May need work though

I think it's regional too, 50k in some parts of the UK will buy a house, others like where I live will buy you a garage.

Someone I knew died and had a million in the bank. Literally a million. Richest man at the crematorium that day. He was 63 and I'm sure he would have had less money for more life.

I mean this really kindly, but there’s a saying about glass houses springing to mind.

50k is so far beyond the realm of what will ever be possible for us, that it may as well be 50 million. I don’t begrudge you having 50k; well done you. But there will be some people who might say to you that talking about your 50k is bragging and that you should read the room because there are poorer people who will see it and feel shit. And am I supposed to shut up because I can have the heating on, in case someone poorer than me gets upset and thinks I’m bragging? None of us would ever say anything if we were always worried about offending someone. Where do we draw the line?

What I want is to highlight the fact that many people have struggles getting by - And for people who are wealthy and/ or privileged to be aware of that and perhaps give some recognition regarding the reality of the life of many . To have some sensitivity. Why should they? Why should you? Why should I? There will always be someone worse off than us. There will always be someone richer than us. Are we all to keep silent on posts about savings in case someone feels crap because they haven’t got what you’ve got? I don’t expect you to stay silent because I’ll never have what you have. And if someone is telling you that 50k is nowhere near enough, all they’re really saying is that it’s nowhere near enough for them. If you’re reading a post where someone is claiming it’s impossible to live on less than 80k a year then, again, all they’re really saying is that it’s impossible for them to maintain their lifestyle on less than 80k. If you’re struggling with the fact that there are richer people out there, who have no clue about being skint, then I think there are some resilience issues going on.

Oh the take on some ironing in the evening is my favourite. Oh yes thanks Susan! Thats my mortgage/rent sorted!

OP £50k is a decent chunk. I have £20k, im 37. I consider myself very lucky.

Im in a decent position financially now and a good paying job but I grew up, and have been on my absolute arse in the past.

The majority of people are a few pay checks away from having nothing.
if I lost my job tomorrow my savings would be gone in a few months.

Fuck off mortgages, fuck off rents, food prices absolutely mental... I think anyone right now with any money left in the bank after pay day os doing pretty well.

I think this is one problem with our society now. Everyone is so sensitive to slights.

It's not "insensitive" to discuss whether or not X amount is adequate to support the old age of people who might well live another 30 years.

This is a big forum, and hopefully people who don't know any better will learn something. Or be inspired.

Common sense decrees that given what eldercare / care homes cost, for two people to have only saved 50k by their mid-60s, after a lifetime of working, is ignoring the reality of what they very likely will need in later life. Giving away 40 percent of that to young people with plenty of time to work and save is not prudent.

But you literally said that yourself in your other thread. I quote "We have limited savings cf to many (£50k)" (I'm assuming c/f means 'compared.')
So it seems a bit rich to criticise others for agreeing with you!

Also you are missing out the context that people in that thread were pointing you "only" had £50k savings because the thread was about giving nearly half of them away! Thus more relevant than if you had much more. Also the background about your pension etc. It wasn't just people saying £50k is nothing, full stop.

I'm confused by how so many people are shocked that others have any savings at all, let alone a significant amount. Surely anyone who has bought a house in the last decade or two has had to save up a significant whack, unless they've been lucky enough to have been gifted a deposit. Most people with savings are saving for something not just hoarding money because they've got nothing to spend it on.

Besides like anything else, it's all relative to our personal experiences. Someone who is 6 foot tall might be shocked that anyone could possibly consider a woman who is 5'8 tall, whereas to someone 4'11 she's a giant! If you have 6 kids you might find it inconceivable that someone with only 2 could be 'exhausted.' People living in Texas would find it weird someone in the UK considers 100 miles a long drive. etc.

If nobody said anything on a public online forum because it might potentially be read by someone who didn't have the exact same lifestyle as them who might find that upsetting, MN would just be tumbleweed.

I thought exactly that reading your original thread.

I also thought it was quite funny that the people saying that were also saying why are you giving away a lot of it to your kids.. the rich are rich for a reason!