2/5 of people have less than £100 in savings

[Jorginho5]

your thoughts?

I am not surprised. Everything has gone up in price but many people are struggling to either: find a full time job or better job than the one they currently have.

www.thisismoney.co.uk/money/saving/article-4348544/Two-fifths-UK-s-workers-100-savings.html

(We did have lots more in the bank before we had DD!)

Yep because only rich people deserve to have kids 🙄 really savvy, really?

We have savings, but I never thing it’s enough. I grew up hand to mouth for some of my life, and am always worried about redundancy (illness / death is insured for). We are very debt adverse BUT we are lucky we don’t need a car etc and can just have our mortgage as being our only debt. It didn’t shock me these figures, I know loads who are one pay check away from a food bank and rising interest rates and Brexit make me a bit concerned about those who are at that line (or below).

QuinnElle I am on a phone and typing quickly so get of your high horse.... know perfectly well how to spell thanks. As evidenced by the fact I have a good job and AM able to save.

I'm not acting superior at all. I am stating what I personally think is irresponsible. As an example if you have less than £100 savings in the bank and your boiler packs in in the middle of winter and you have a baby how are you are planning on rectifying that!? Irresponsible IMO.

SavvySaver24

Personally I think it is shocking. I wouldn't even buy a house until we knew we could be saving at least £800 after all bills and the mortgage. And I wouldn't have a child until I knrw i had a heck of a large back up savings pot. I think having a child or even a pet knowing you only have £100 in the bank is irresponsible. Gosh if only I knew that before. I'll just get my ex to un-rape me and send my son back then

We’ve been in that position - not in it now by a very long way but the memory lingers. I already was financially cautious when we had our reverse of fortune ( things happen to the most careful of people ) and became more so when we got back on our feet. I remember reading that many apparently affluent people are only 2 monthly paydays from it all going very wrong.

Yea wateroffadycksback because obviously that was the highly common situation i was referring to....

I have less than that in savings. But husband and I have a very small mortgage, no credit cards etc. We also have savings for our DD (although only few thousand which is probably pauper standards by some on here!). However I think we are doing better than most people we know. That said we simply don't earn enough to save each month. We have childcare and a house that we are trying to do up.

Savvy makes me think of the deluded MPs who seem to think if only everyone was more responsible and saved money... It's that typical thinking that everyone should just help themselves out of hard times. However they are clearly completely out if touch with the real world because life simply doesn't work like that. We definitely don't have £800 to spend after bills and childcare, let alone save! That kind of thinking is just so far removed from the reality of so many. We have a great life and we enjoy it, as does our DD who has the best we can offer her. It makes me really sad that there are people in the world that think that way.

Ps @SavvySaver24 we have insurance that covers boiler breakdowns etc which we pay for each month. So hardly frivolous and irresponsible, we just have to prioritise different things!

DP had significant savings 2yrs ago but spent it putting an almost 50% deposit down on our house.
We then had a few thousand saved back up but then booked and paid for our wedding a couple of months ago.
We’re down to about £400 now but that will all be gone by the time I finish Maternity Leave in November.
Will start to build it back up next year hopefully.

SavvySaver24 after just having started to access support groups for people like me, it is more common than you think. It wasn't that long ago since it was legal.

I'm not acting superior at all. I am stating what I personally think is irresponsible. As an example if you have less than £100 savings in the bank and your boiler packs in in the middle of winter and you have a baby how are you are planning on rectifying that!? Irresponsible IMO

Boiler insurance. Or if you're renting your landlord fixes it.

I'd also be wary of being smug. I used to volunteer at a homeless day centre and night shelter. There were people there who used to be like you. Unfortunately when they lost everything (mostly due to pure bad luck such as ill health), they lost their friends and families as they too were smug. You never know what is around the corner. I have some put away now, I have a decent job due to hard work but childcare costs as a single parent are more than my rent.

I'm not surprised. We'd love to save a little more but the reality is after the essentials, there isn't really anything left to save.

I also wouldn't have kids if I didn't have the ability to have some decent savings in the bank. I don't think it's moral to decide to bring a child into the world if you're not a sustainable position. Obviously some people fall on hard times, but there are plenty people living month to month who decide to have kids.

I don't earn a huge wage - I'm only a graduate - but I still put aside budget and put a some money aside every month. You need something there for those unexpected costs. I only have myself to support, and my partner if he was struggling. No kids. Not even any pets yet because I don't feel we're in a secure enough position to take on that financial responsibility.

I have zero savings in cash - why would you have cash savings in these times in any event? Interest on (pretty well any) savings accounts is less than the cost of inflation. So all the non-cash savers are being financially prudent and sensible by having no savings.

This is what I tell myself anyway :)

I am not surprised either, we use to be in a very healthy position, but due to me having a breakdown and my partner having to quit work to look after myself and my son, we suddenly found ourselves without savings and on benefits, we now live month to month and have gotten ourselves into debt to be able to survive.

We have just been given our notice to quit and have no idea how we are going to afford a deposit or moving costs

We did have savings. Then the boiler needed replacing. Plumber left the gate open, he says he didn’t, dogs got out. One died so we had to pay the vet for the cremation. The other one spent 3 days in the woods with shredded legs. Someone else found him and took him to the vet. He survived and the vet even managed to save his legs. We haven’t been able to recover savings.

For those of you on means-tested benefits or low incomes and with no/little savings, there are charitable grants that you can apply for if your oven/washing machine/etc breaks and you need a new one. You can usually apply via your local Citizens Advice.

Also, bit of a derail, but... Some people do think poor people shouldn’t have children, I think that’s a pretty disgusting attitude.

However I do think everyone should think carefully about the number of children they have, not only on an individual level (can I provide for these children practically and emotionally) but also on a population level.

I also think it is a strange choice to spend a lot of money on pets if you have a low income and significant debts (especially rent arrears). I get that people are very attached to their pets, and pets bring a lot of joy, but rent arrears can make you homeless. I do like my cats but I would obviously choose my home over my cats!

Those without savings or a "cushion" to my mind are very brave and very secure in their own lives. And I do realise that many just cannot afford to have one at all. I am talking about those who just don't care, but could afford one.

Everyone is different. I am not like that, I must have a rainy day fund. Sorry.....

I'm very surprised, tbh, since it only includes working people.

If it included non working households and pensioners I would not be surprised of course.

Also @sobeyondthehills and anyone else who has been given notice to quit, please talk to your local council, they have a homelessness prevention duty. You may be able to make a homeless application and they may be able to help you apply for social housing and/or find private rented and help with a deposit etc.

I'm in that statistic unfortunately, it's just so difficult to find a better paying job that will also offer more hours but still fitting in DS's childcare times. If I could drive then I'd be able to look further afield and likely find a better paid job, but at the moment I can literally just afford bills and shopping, never mind driving lessons.

I was hoping to save up this year and start driving as I'd paid off all debts and had budgeted so that I could put away up-to £30 a week, but then my local council said I earn too much (11k) to receive any help with rent and council tax, and that they'd also made a mistake of giving me reductions to both for the past 18 months, so I suddenly found myself having to pay full rent and CT (minus single person discount) and also having to pay back £1700 that I'd been overpaid.

It's an awful situational be in and I constantly feel guilt because I find myself wishing DS's life away, constantly thinking about when he's a teenager (10 yrs away) and how I'll have more time to work more hours or maybe even be able to commute further to a better paid job.

Hmm what counts as savings? I have a few thousand £ credit card debt (bad I know...) but we just bought a house so unless house prices have fallen, there's some equity in that. Does that cound as savings? Or do they mean £££ in a bank account? I have a bit of money in the bank account, but nothing that covers the credit card debt! So do I have savings... not sure

Reading the article, this is excluding pensions and assets like houses. I'm a bit surprised it's that low really.

@NorbertTheDragon well said, my sentiments exactly!