To be shocked when adults have absolutely no savings at all?

OP, I’m not saying it’s your intention, but you clearly have no idea how awful your post will make some people feel. People who spend just about every waking moment worrying how they’re going to get through the week or month, people who are scared to answer the phone or open the post, and people who are made to feel like failures because financial institutions and some who have never struggled treat them like shit.

I’ve been there, in the years where financial struggles were not treated as sympathetically as they are supposed to be now. When it was acceptable for companies (including banks) to send goons to hammer on your doors, windows, and look through your letterbox, ask your neighbours where you were. Because you were seen as scum, useless, not worthy of an adult bank account. Even Littlewoods catalogue employees introduced themselves as Mrs X when they spoke to you if you were late with a payment. You weren’t worthy of their first name 😂

I’ve worked full time since I was 18, in good jobs, but I had the misfortune of being hit by an episode of severe depression that saw me being prescribed thioridazine and my weight going down to 6 stone. A turn of fortune can happen to anyone. I’m through it now thankfully and my finances are on track, but I really feel for others going through it, and get angry when they are put down or dismissed.

Yes, savings are ideal, but please open your mind to other people’s lives instead of being shocked.

People who are struggling are now penalised for having as much as £10k in savings. The system is set up to make escaping the poverty trap difficult. (And no I'm not saying people with huge amounts of money should be able to claim UC before anyone jumps on that bandwagon).

Yes! I’m like you and have a little tucked away in case we need 2 days’ groceries, a friend needs bus fare to work if she leaves her husband etc etc. My mum set me up with a bit when I was in my first marriage and I’ve set up friends (like a friend on benefits who sent her ex out for groceries and he bought beer and cigarettes). Used to always get a great deal on potatoes or broccoli or apples and buy a huge portion and need her to split it so it won’t spoil anytime I saw her.

So I guess like OP I am a bit baffled if people don’t usually try to have a few dollars stashed away. But I’m not shocked they don’t have $100 or $10000 (I’m Canadian). Also if I realize they’ve never been taught it I’ll give them a bit if I can and tell them to keep it in their undie drawer in case they need bread and a tin of beans to get them to payday.

And because I am very very lucky I have a house which I also have debt against and credit card debt and I still have $23 upstairs. I think less people need their stash because they can use a credit card, but I prefer having my little bit of safety.

I don't understand how people who could have savings, don't have savings. They spend money on stuff they don't need, and then complain that they have no money left.

Exactly. The 'savers' are morally superior.

We have a few grand in 'savings', because I am very lucky to be in a couple and to live in a nice house with a fairly low mortgage.

My sister however, is in a housing association house, with rent higher than my mortgage, is a single mum, trying to help my nephew with uni, working 48 hours a week in a highly skilled, minimum wage job (caring for autistic adults so they can live independently) and couldn't save money as she hasn't got a spare penny.

So when the OP is 'shocked' adults have us got savings, she needs to read the fucking room and maybe empathise with others instead of living in that fucking tiny bubble.

https://en.wikipedia.org/wiki/Boots_theory

Retrain.

And eat porridge.

It’s great to have savings. A good position to be in.
But surely you appreciate it isn’t possible for everyone.
Also, people on here are telling you from their own experiences how it isn’t possible. So take a moment maybe and think how privileged you are to have £10k tucked away.
There are people in this country right now - on MN right now - who would be over the moon to have £10 left the day before payday.

Exactly, it’s shocking. If someone’s job doesn’t pay enough to put by a good chunk of savings every month, why don’t they just leave and get a job which pays double?

When I left home - before I was ready, due to abuse, and following a lifetime in various degrees of poverty already - I used to eat rolls and 10p crisps because I rarely had much money for food. I guess I should have just had the dry roll and saved like 10p a day or something 😅

One of the many reasons I'm opposed to the age staggering of the minimum wage 🙃

Best get something heavy tied to your ankles ..so you don't disappear up your own arse
Good try.

I always have a bag of oats, pasta and some candles with matches in - does that count 🤔

I’m a social worker OP. I work with a mum who hadn’t eaten in four days so she could feed her children instead. Give your head a massive wobble

Well lucky you with your 10k 🙄

I'm always amazed that so many on Mumsnet have such intimate knowledge of the finances of people around them.

This post just shows how out of touch to the modern world you are ! How absolutely ignorant of you.

What is it you’re struggling to understand?

I’m financially very comfortable right now but there was a time I was so poor I would go days without eating. I remember finding £1 in the bottom of an old handbag and running to Heron Foods down the road to stock up on instant noodles because they had an offer on KoKo noodles 10 for £1. The relief of that £1 meant I didn’t need to worry about food for a few days.

Truly awful time in my life but it humbled me forever. There was no circumstances that wiped out my savings as I didn’t have any to begin with. I was working multiple jobs but one of them had shifts that ran until 4am and this meant I had to pay for a taxi home as I couldn’t afford a car and it was unsafe for me to walk the 45 minutes. I hated being put on those shifts as it cut my money down even more, but so did everyone else and it was hard to swap.

If I told people how poor I was back then I don’t think they’d have believed me. I didn’t look it. I didn’t act it. I hide it very well. I wish I asked my Mum for help but I was too proud. I’d go to her house when I could as I knew she’d feed me but it cost £6.90 to get there on the train and it was a luxury I couldn’t afford. I had 7 credit cards that were maxed out and nothing to show for it- I’d just used them to pay for food and bills.

The answer is a lot of people don’t have savings because they don’t have the option to. Some people are literally choosing between heating their homes and putting food in their mouths.

Is this what the young people call a humblebrag ?

I'm early 60's, its only been in the last few years that I have had a buffer, if you exclude a private pension pot. Many of my friends have nothing, some not even a private pension or investment/saving and some rent too!

How lucky are you ! People are struggling to get by and of course everyone would love to have 10k in the bank! Talk about kicking peeps when they are down ! What a ridiculous post!! In the last year or so I’ve been able to put something by and can say that I have always wanted to but we all lead different lives and previously I didn’t have anything to spare after bills and food !

Some people cant afford that... I work full time and take on extra work all the time, but there is only my wage for the three of us. I am a low earner and we are topped up by UC. We cant afford everything monthly and have only managed the past year as my MIL sadly passed away and we had her savings to keep us going. However now we are back on the breadline and might have to ask school for food bank referrals. We certainly cant put anything anyway on a monthly basis. I am working to improve us, but its going to take time.

Presumably you’ve never been in the position where your salary didn’t stretch far enough every month for a long period of time , had a huge unexpected bill, you suffered a long period of illness, your partner was made redundant or worse they passed away??

I was able to buy my exh out of our house about 30 years ago but that meant for 12 months or so I could cover my mortgage, utilities and council tax but travel, food and any other expenses went on my credit card with me only being able to pay the minimum payment every month. I can’t tell you how many years it took me to clear that card and meant I couldn’t save a penny. It’s probably only the last 10 years or so we’ve been able to always have some savings put away. Don’t take it for granted you’ll always be able to have a nice nest egg tucked away, you’d be surprised how quickly that could disappear if your circumstances changed unexpectedly

It’s just as easy to be stuck living hand to mouth, caught out by a punctured tyre (or similar) every time you think you’re about to get your head above water, as it is to judge adults for not having emergency savings. If you don’t understand, lucky you.

I think there’s a difference between people who are genuinely poor who don’t have savings, and people who make bad financial decisions and spend frivolously on stuff they don’t need then don’t have a safety net. I also don’t know any of the former in my circles, but see lots of the latter.

I agree with you. Its absolutely shocking that in a society where some people have millions tucked away, there are others who can't even lay their hands on a £100. What should we be doing to tackle this scandalous wealth inequality do you think OP?