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

[ThisJollyReader]

I’m going to be honest, I find it quite hard to understand when adults have no savings at all. Not even £100 put away. I’m not talking about people going through a temporary rough patch but just having nothing set aside whatsoever. Personally, I try to keep around £10k as a buffer (I know everyone’s situation is different), but even putting that aside, I would still feel uncomfortable having nothing at all.

AIBU to feel like having at least something put away is important or am I being too harsh?

I don’t think it was ever found.

I would be very uncomfortable only having 10k put away. Thats not going to go far is it?

My life is perfectly fine to be fair. I just think people need to take some action to change their life rather than wallow in these poverty porn threads. Everyone can improve their situation many choose not too. This thread is a classic example. I think I am the one with the positive view on life!

I do seem to have come across the school gate mean girls on this thread!

Not only are you being unreasonable you are being completely naive and you must have lived a very privileged life if you think everyone is in a position to have savings
Some people struggle just to get from one week the next having savings is completely impossible for some people at certain stages of their life
We had no savings when our children were young. We do now but at that time in our lives it was impossible. We lived on credit cards and hand to mouth.

Bad budgeting, it’s not taught as a compulsory subject in life!
poor knowledge of figures, or understanding budgeting, most like myself learn after a time, and making wise choices.
i had a fairly good upbringing, tough as asset rich, and at times cash poor, my dad self employed builder, I often hid the location of our detached house, as teased in secondary school.

just look back through the posts (that I was posting on). Not going to explain it to you.

Of course everyone can't improve their situation.

I'm glad I don't have that bleak view on the world. I don't believe in fate - I think we influence what happens to us.

It might be tiny steps that build up over time but things we can improve things over time.

Ignore all the outrage twats. It was perfectly obvious you were talking about people who chose not to save rather than those who can't save.

I've always been a saver and there have been times in my life I was relieved that I have saved when the shit truly hit the fan. So no , I don't understand people who choose not to save when they can. Its a mad way to live your life.

Some people’s essential bills such as rent/motgage, gas/electric, water, council tax, and food costs are actually higher than their income especially if on zero hour contracts or ad-hoc work situations etc etc. Some people don’t eat food do their children can eat. Isn’t that or shouldn’t that be more shocking to you?

It isn't bleak, it's realistic.

I will never be able to have savings and there's nothing I can do to change that. That's just the way it is.

@ThisJollyReader I am so surprised at the replies to your post. I can’t understand how some people don’t have savings either! I think it must be the social circle you’re in. I don’t know anyone on a personal level who doesn’t have a lot of spare cash and doesn’t spend freely

Of course not!
Tho I suspect some would say, if you smoke you get given too much, or some other idea, like an old tattoo

If that is your mindset that is what will happen. It certainly won't change itself.

It won't change itself because it can't change. There's nothing I can do about it to change it.

My mindset has nothing to do with it.

I’m on the other side of this. I don’t have “savings” because I’m financially well off. If I want or need to spend money on something, I just find the money. It may take a few days to get hold of it if I don’t have enough in my current account, but I don’t really have a “savings” account, just a range of assets all over the place.

I’m clearly extremely privileged, but even I understand why most people save up for bigger purchases or keep a buffer for emergencies, and equally I understand why some people have no savings at all because they spend everything they earn.

What I don’t understand is people who act like their fortunate circumstances are a result of “making better choices” or “working harder” or “being financially literate” rather than simple good luck. People severely underestimate how much of their life, including their financial position, is a result of random chance.

@Trewww

what has your social circle done today to help, your immediate community? Before we start elsewhere.

I am mum of four. Rural.

I have been to church. Not because I wanted to but to support it. Then delivered lunches to those who couldn’t make it.

ive then transferred money to two single mums, in the bones of their arse. Who can’t put electric on the metre.

ive also taken them a basic pasta dish, nappies and some daffodils.

where the fuck is your empathy. Do you go round with your eyes shut?

why is it that those with the least help those with even less?

I barely get by, month by month.
I have a joint mortgage and my Ex pays nothing towards the mortgage for 9 years.
Our daughters are 22 and 20 and I kept everything paid and a roof over their heads with the help of UC and my part time job, I work part time as my youngest has autism and LD.
Now she’s an adult I lost £1230 a month in UC, so guess what, it’s a struggle and I don’t having savings.
My daughter claims in her own name, but she gets just £740 so nowhere near what I lost.
You do the Maths…..

If it was a matter of mindset we’d all be rolling in it.

You sound very out of touch and spoilt.

@pteromum where did I say I didn’t help others or want to help others?

I don’t know anyone in need of the support you describe, if I did I would help.

I wish I had been able to help you then

I’m shocked when people have inflexible and rigid thought processes. I think poor them. I feel so sorry for them for being so limited. Let me start a thread.

The UK's financial conduct regulator the FCA produces a regular report which looks at the overall financial health of the UK. It's called the Financial Lives Survey. Amongst the points it makes is that 10% of people in the UK have no savings at all and a further 21% have less than £1k saved. Roughly then a third of the UK's population would have to go into debt to pay for a large unforeseen bill (such as a boiler being unrepairable).

Exactly.

If only it was that simple.