1 in 4 people have less than £100 in savings.

[cakeorwine]

And of those, 1 in 6 have no savings

moneyandpensionsservice.org.uk/2022/11/07/one-in-six-uk-adults-have-no-savings/

www.bbc.co.uk/news/business-63517823

And it's only going to get worse with fuel bills and inflation.

It must be such a worry. And I bet that within that data, there is going to be wider variation (in general) with age, location and income (obviously)

I remember a few years ago that was a mix up with our wages at work and we got paid 3 or 4 days later than usual. I got the text from work warning me that my wages hadn't been paid the day before as planned but I'd get them in a few days and I thought ok whatever, because there was always money in my account it didn't matter. But I went in to work that night I was amazed at how upset and angry a couple other staff members, they were telling stories of having to leave groceries at the supermarket till because there was no money in their accounts. It was quite eye opening because I hadn't been aware how precarious the financial situation of people I see every day actually was.

I'm not surprised nor am I bothered by it. It's a perfectly normal way to live. Unless you have a great income and live very frugally you won't have savings. This isn't a new situation. If we chose to have kids and a mortgage it's obvious we won't have any savings or have very little. It was the same in parents and grandparents day.

This time last year we had 6k saved. Now we are in debt because I'm on maternity leave. I am now technically using annual leave so this month I get my full month's salary again and I can't bloody wait to get the debt cleared.
I really don't know how those on low I come jobs can survive this without huge help from the government. It must be so stressful for them

This isnt remotely surprising. When the children were young we lived hand to mouth,payday to payday. The MN world is not the real world.

Now,at the ripe old age of 58 I consider myself very well off as I have 4K saved. Then I read one of the savings threads and get a sharp wake up call! But its all comparative. I'm rich compared to where I used to be.

The BBC article mentions research by Moneyhelper and BSA. I was not contacted by either of them... and I doubt you were. So as with any research the data is only as good as what is collected.

It may be representative of those that they surveyed and if that survey was large enough it could be statistically analysed such that it represented the UK as a whole.

If all mumsnet members were surveyed, would there be the same result. I suspect not. There may be a higher number of people posting on mumsnet who do have savings, than in the general population.

Research / Surveys like this are useful to highlight that some people have little to no emergency fund, and thus it may encourage them to look at their income and expenses and to put some aside for unexpected expenses. It may encourage discussion about financial education, which is good.

If we didn’t get paid on the day we should, our mortgage/council tax/fuel bills etc would all bounce.

It was quite eye opening because I hadn't been aware how precarious the financial situation of people I see every day actually was.

We'd have manage due to access to credit.

I got my overdraft due to having a student account - it just hung around not being used for years on the account.

I got credit card mainly as then employers were being dicks - insisting I pay for hotel room abroad and then claim back - so I got one thinking it would be useful for on-line shopping.

I tried not to use them for years post kids but it's amazing how useful they are - to spread payments out - I'd try and wait even not get prescriptions for me waiting till I had more money but things like kids shoes if they went or school trip deadlines I felt couldn't wait.

I dip into the overdraft towards end of month and credit card is paid in full every month - but they are bloody useful and I think time I used them most SAHM with young kids when money was tight generally I'm not sure if I'd applied then I'd have actually got them.

I wouldn't be surprised. I have friends who earn very well but make poor financial decisions and seem to get a kick out of living in the red.

Low interests rates have meant there is little incentive to save. I don't have much money in easy access savings because it real terms it is making a loss.

When people say they have no savings, it all depends on where the place they are putting it in is actually paying interest at a decent rate to really make a difference, bank savings rates are rubbish

This thread is hilarious.

A load of people on a website with a fairly well to do demographic questioning figures that state a lot of people are completely skint every month.

I get paid next Tuesday and currently have £87 in the bank and no savings. It’s not uncommon outside the world of mumsnet.

Payday sees money come in of which about 70 percent will go out on direct debits and loan repayments. Christmas presents for the kids will mean adding to the credit card debt.

So many on here are so sheltered from the reality that millions live

If we didn’t get paid on the day we should, our mortgage/council tax/fuel bills etc would all bounce.

That's fair if all your bills are due to come out that day. We were paid weekly in this job for whatever difference that makes. It was a minimum wage nursing home role.

I had none for most of the last 25 years. It took me almost 20 years to pay off my student overdraft and loans!

1 in 6 have no savings

im surprised that number is so low most people I know live from month to month

I don’t have savings my emergency money is my credit card

it’s expensive being poor … that’s what keeps so many of us in this position though I am better off than I used to be

I would have thought more like 2/3 or 3/4 don't have substantial savings.

I am 34 , no savings, dont own my own home and had to enter an IVA as my debts were getting too much due to poor work pay and higher bills. Rent is cheap and my house bills are cheap, we do ok , never without. It scares me to buy as mortgage rates are so high now i dont think il ever be able to buy especially with deposit amount. I have friends paying so much out for the help to buy and the house share mortgage with the developers, freedom with renting i can move when i want to. My goal was to get an education, sadly i got a degree and by time i graduated the industry i wanted to go into had basically disapeared and was no longer in demand, to competative to get in or a decent pay. I am now retraining and back at uni to get a career for the rest of my life. times change, industries move forwards or disappear. Wish i had savings but i dont think this day and age a few thousand would support anyone for long anymore.

Ive never had savings! I don't have an overdraft, or a credit card (bad credit rating) and I currently have £1.94 in my bank until Thursday. This is the norm for us (me, DH and 2 kids) and yes we both work

Only have to skim read and see the "they splash all their money away and are frivolous" shit being spouted.

The thing is, how can you plan for things these days when the goalposts keep being moved. In the last 12 years we've lurched from one crisis to another and most of it caused by poor government decisions and policy. Wages have not kept up with the cost of living and most people have become poorer in real terms. We've all been encouraged to get into debt - from student years onwards - and to have things now rather than save up. Saving has hardly paid any interest for ages. It'd pretty hard to counter the continual message to spend and not save.

Alternatively I don’t know anyone who doesn’t have significant savings

I don't know anyone with whom I would discuss such things, other than DH.

Good for you. This is what I mean about people having no idea how others live.

I would put money on it that you see people everyday who you assume have savings but who are either up to their eyes in debt or making their last few quid last until payday.

1 in 4 sounds very low to me

We have no savings, we live pay to pay, and are literally 1 pay day away from homelessness
However, all our bills are paid, we have no debt, and the kids go to bed warm and fed.
Unfortunately Covid hit us hard, husband is a self employed musician, so hasn't really earned since March 2020, and I worked hospitality and was made redundant.
We are slowly getting there now, but it's not as easy as it used to be.