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'Seven in 10 UK workers are 'chronically broke', study finds

30 replies

bs14016 · 26/08/2019 16:22

"According to the report, 32% of the UK’s workers have less than £500 in savings and 41% have less than £1,000."

www.theguardian.com/money/2018/jan/25/uk-workers-chronically-broke-study-economic-insecurity

Anyone shocked by this survey and are you part of the 32% / 42%

There is another article which I read few years back just stated around 2/5 of population had less than £100 in savings which is even more bleak. But not surprising considering how expensive things such as: childcare, rent, council tax have become.

OP posts:
Crustytoenail · 27/08/2019 08:09

I'm part of the 32% and only just out of the 2/5 that have less than £100 - and that is a rarity and won't last the next 4 weeks, and only because it's been my birthday.
Work between 36 and 45 hours a week, depending on what overtime is available, earn a bit above NMW.
Few things that spring to mind on these threads when the 'get a better job and budget' directives are issued to people like me.
How do you budget when you are on the basic level of everything, and going without what could be considered essentials like shoes and clothes that aren't falling to pieces, and enough fuel to actually heat your home and keep yourself washed too? When no matter how you work it, unchangeable bills such as council tax and rent (lowest around already, yes the dreaded social housing!) Water rates, travel, school uniform (no other alternative school that doesn't have a strict and expensive dress code) added together amount to more than you bring in? How do you budget then?
And secondly, if everyone went out tomorrow and got a 'better job' who's going to work in the care homes, shops, restaurants? Who's going to clean offices that people in better jobs work in? Who's going to look after the children of the people who work? Who's going to answer the phone on a reception desk when you ring up?
Society relies on these types of jobs, and without them we'd all be up shit creek, with no one to make a paddle because they've got a better job. And are there enough 'better' jobs for all these people that are just lazy and just need to try harder?
Or could a better solution be to pay wages that can be actually lived on?
That reflect the cost of living?

I'm not bemoaning my situation, it is what it is, I actually quite like my job, I like my life, which is a good job because I can't change a lot about it quickly, it's happening but I'll probably never get to the £1000+ savings bracket, or be a home owner. I'm moving slowly, slowly forward. But it is frustrating to be written off as lazy and without aspiration, a scrounger and spendthrift when it couldn't be farther from the truth.

adaline · 27/08/2019 09:16

I'm not part of that group but it doesn't surprise me that others are - especially if they're single/the only adult in the household.

Lots of jobs are low-paid and if you're on your own (as in, single and without children) you don't really get any help - minimum wage doesn't go far once you've paid your rent, council tax and utilities. Add on a car if you need one and that's the best part of all your income gone. How are you supposed to save if you're already living pay check to pay check?

timshelthechoice · 27/08/2019 10:36

Lots of jobs are low-paid and if you're on your own (as in, single and without children) you don't really get any help

You don't really get any 'help' if you are low income and have kids, either Hmm. Tax credits are going, going and mostly gone in a lot of places. It's all Universal Credit.

Interested in this thread?

Then you might like threads about this subject:

adaline · 27/08/2019 10:46

Yes, I'm aware of that. But I'm saying if you're a single adult with no partner or children, you're solely reliant on what you earn. There's no government support for adults who earn minimum wage - and with increasing rent, transport and food costs, it's becoming even harder to be a single-income household.

Being in a partnership and struggling is very different from being totally on your own! I know if I'm off sick this month, I have a husband who can pay the bills for me. If I was single, I'd have nothing and nobody to fall back on.

Asta19 · 27/08/2019 11:12

I must admit I had been wondering why so many were reliant on food banks nowadays. I've been a single parent on benefits and my kids were always fed. But then I decided to look it up out of interest. I was a single parent in the early 90's. I remember well (probably because of having to budget it carefully!) that I got around £130 a week (that includes CB). I just did a calculation on how much I would get now in the same circumstances and it's around £170 a week. (I haven't included housing in that). So it's gone up £40 in just under 30 years. Which in no way matches the increase in the cost of living. So now I get it.

As for working people, I haven't had a wage increase in about 10 years now. Luckily, my wages are decent enough that I can take the hit (not massively highly paid but ok). But I have seen friends who were managing ok before, having to drastically reduce their standard of living. So all in all I'm not surprised so many don't have any savings.

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