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

Because what comes in has to go back out again!

Wow.

How fabulous for you that you have the privilege of being confused and uncomfortable at how poor some people are.

Absolutely. Unbelievable.

I don’t know if I feel more sorry for all of the people out there who are
struggling so badly right now and will read this unfeeling post, or more sorry for the OP, who is inconsiderate and lacking in empathy.

Equally others may be sat thinking your 10k is a bit paltry and looking down their noses at you. Always someone better off ready to sneer

I’ve been homeless. No money and certainly no savings.

In my first marriage I wasn’t allowed money of my own and wasn’t allowed to work. I had to beg to be given the minimum for anything (food, sanitary products, toiletries, nappies, children’s birthdays, school uniforms- you get the picture). Savings weren’t happening no matter how much you think that it should.

Thanks to a very wise and lovely mumsnetter I got out eventually. I went to uni (wasn’t allowed to previously), got a job and gradually was able to support myself. I now make sure that I have a safety net but so many people are in that situation or using their whole wage (and getting into debt) just to survive and buy the basics.

You are very privileged and naive.

🤣🤣🤣🤣

Oh dear. It’s such a shame your £10k savings can’t be spent on some extra brain cells. Let me break this down on averages in the UK for you…

Salary FT- £31k p/a, take home £2150pm
Rent- £1300
Council tax- £200
Gas/electric- £140
Water- £50
Internet- £30

These basic bills alone total £1720, leaving £430 for other bills (phone, insurances, subscriptions, etc), travel and food.

This is based on a single income on average UK amounts.

Now, @ThisJollyReader, can you tell me where the average person can save £10k please?

I hate to tell you this but saving doesn’t build a credit score - borrowing and paying it back does.

I have very little cash savings - but I have no debt, I overpay the mortgage and what I do save usually has a purpose (holiday, daughter’s uni accommodation).

If DH or I lost our jobs simultaneously we’d be up the creek I guess, but the likelihood of that happening is low. If I was made redundant my redundancy entitlement would actually clear what’s left on our mortgage. We’re both in v employable jobs, I have good sick pay and DH has income protection.

not something I worry about - but I did use to lie awake thinking about my credit card balance.

Lack of empathy, I think.

£10 regular monthly savings, in a high interest account, gave me an astonishingly good credit score which made it much easier to get a mortgage when I was in my 30s.

Consider yourself very fortunate that you can't seem to understand.

I get paid in 5 days and I'm counting down the days because there is nothing left. Never mind savings.

Divorce. Being left to be the default parent which included all holiday clubs and anything they needed, maintenance doesn’t go far. Then paying for driving lessons and ensuring they are as independent as possible, supporting them through uni.
I have worked full time for years, but life has always got in the way. I am however totally debt free including housing costs so although I’ve not much in the bank I’m very secure in terms of housing and can now look at savings

Really?

We do have savings now. But for a decade we had no saving at all. Main reason was we were spending an absolute fortune on rent that ate up the vast majority of our earnings. I also had a child with a disability and couldn’t work in the way I planned to & childcare costs were much, much higher than average as we had to pay for a SEN nanny on normal wages.

Some people have different circumstances to you OP.

shocker!

I lived on an overdraft for years when my kids were at school. The only reason I have savings now is because of an inheritance from my late mother

I'm so pleased for you OP that you don't understand how people manage without savings. You've clearly had a gilded life without being made redundant, suffered bereavement due to your partner dying income halving overnight or had illness that renders you unfit to work or any other bad luck that befalls some of us less fortunate. 😉

Smug much OP. I had a late life divorce so started again at the age of 54. Several years later, my service charge has doubled as has my water bill and energy costs. Food has gone up considerably and when you live alone you end up paying more for buying in small quantities. Fuel is expensive and my council tax has gone up by at least 50%. My wages certainly haven’t increased by the same rate. I’m keeping my head above water just but there’s not much wiggle room for savings.

I don’t judge others for not having savings because I know everyone’s circumstances are different, but I don’t feel comfortable with any less than 6 months’ living expenses in cash savings.

I generally have an anxious personality and low risk appetite.

Goady

Depends entirely on circumstances. There’s a difference between people who earn a decent salary and choose to spend it all without saving, and people on low wages who barely have enough to cover bills.

We’re renovating a house, im on my second maternity leave in 3 years and husband started his own business 18 months ago. We have no savings

There’s nothing magical about savings. We’ve never really had any until the last couple of years because, despite two solid jobs (100k household income) we were paying for three sets of school fees and three sets of university rents for kids. We were never that worried as we have good DB pensions for the future and great credit ratings and secure jobs. So if we’d had some kind of new boiler type emergency we could have financed it easily. Given COL at the moment it’s pretty difficult for lots of people to save. I have a friend who’s never had a credit card or loans and hence has terrible credit rating. Not really sure what your point is.

Now that you mention it, I actually DO feel uncomfortable having no savings! Could you send me some of yours?