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?

What I don't understand is people who pay for extravagant things like holidays, new cars, designer clothes, while not having savings. Surely savings come first, and once you have a safety net, you can then think about some luxuries?

@OonaStubbsi don’t understand why you can’t see that not all people think the same as you. We decided many years ago that we wanted to enjoy our lives when we were able to do so. When we didn’t have a mortgage at a ridiculously high interest rate, we spent a lot of money on travelling and buying things that we wanted, much of it funded by credit cards. Once we had a child and I stopped working, we stopped spending. We never had any savings at all, but we enjoyed doing what we wanted in our 20s and early 30s. We then couldn’t afford to save anyway. We always had reasonable salaries but certainly weren’t high earners. If we needed a new washing machine or repairs to the house, we used credit cards, loans or overdrafts. My mum used to scrimp and save and I always thought she was foolish to not enjoy the money she had when she was able to, rather than having money sitting in the bank for the rainy day that never came.

@Growlybear83 I think there’s an aspect of personality type that comes into play as well.

For example, my sister would have uni assignments due and do nothing until the night before, then she would pull an all nighter. I, on the other hand, would have my assignment completed a week early as I would be in a state of such stress and anxiety that I’d be useless the night before a due date.

Your example of living in overdraft/loans/credit cards is not something that I would feel comfortable with. The level of stress that it would add to my day to day life would far outweigh any joy I had in memories of good trips etc.

Perhaps those who are more risk averse prioritise savings and those that cope better with stress/pressure don’t feel the need to have the safety net and instead prioritise travel/pets/concerts/designer items? (Obvious disclaimer that this only applies to those who are in a position to save)

What is it that you don't understand about poverty, OP?

@Sharingisrarelycaring yes you might be right. I think we have both always tended to be like your sister. I suppose for about half of our lives we could have saved if we’d wanted to rather than enjoy ourselves, but the other half we didn’t have any spare money that we could have put away. Our credit cards were our friends during both periods 🤣

I’m shocked when people who could have savings don’t have them, but I’m not shocked that some people don’t have savings because they need all their money to afford the basics. That must be hard and I would feel constantly anxious in that situation.

Ha! Have a sit down then now before I tell you that not only do I not have any savings, I also gave to live in my overdraft all the time

I'm "shocked" when people act like everyone comes from the same family, circumstances, educational attainment etc.

I wonder where the rock is that people who are "shocked" live under and if there are any plots for sale.

I’m shocked that given the frequent media coverage of the cost of living crisis, food bank increases, the constant talk about how many people rely on benefits that any adult could then go on to be shocked that many people can’t afford savings.

When you live hand-to-mouth it’s not one thing that wipes out your savings. Its having nothing extra at all to make savings in the first place.

When I got made redundant when my girls were babies I (and 40 others) turned up at work to find the place closed. We didn’t get paid. I got paid £3 a month more than all my bills, there was no opportunity to have savings.

Not getting paid meant a £2 bus trip to the job centre to sign on. I didn’t get a single penny for 3 weeks because the company wouldn’t confirm we were redundant (the owner basically vanished) and I couldn’t get a crisis loan until it was agreed I qualified for the benefit. We only survived because my lovely Nana fed us

Abit judgy.

Its not shocking if it’s impossible to say because everything that comes in goes straight back out.

Yawn...

You're either:

1. Goading - in which case - jog on or
2. Completely out of touch and living in a bubble and are too delusional to realise it

We did have savings then everything cut increasingly expensive. They got used up, we got into some debt to eat/get to work because of this. Things got better but we still can’t save just yet.

Nothing To be shocked at. More stressful if you don’t have them.

Sounded like financial abuse.

There there. Take it easy.

I don't see the point in saving for something that might not happen and prefer to live every day to the full. I prioritise holidays over savings with zero regrets. At least when I'm dying I'll have my memories, there are no pockets in a shroud.

But what if something does happen? What will you do then?

I think there is surely a happy medium between enjoying life but putting a little aside when you can?

Interest free Credit card 🤷‍♀️😂

I would love to have that attitude tbh. I constantly fret about money, savings, "the worst happening" etc and am envious of people who are more relaxed around money.
Money scares me really and always has.

In the UK no one needs a safety net. You run out of money and the state steps in and gives you more. There is no incentive for people.

Do you realise how ugly and out of touch your privilege makes you look?

I am on UC, we can't have savings over £6000 in total in any form. To get rid of capital we have holidays and new electricals etc.

No government is going to pay my £2700 a month mortgage

Please lets stop this privilege shaming - its almost getting to a point of your harassing mean now. You earn your "privilege" in life, it is sad that so many people want to just drag other women down to their level. I'm proud to have set up several business that employee multiple other people.

Simply marvellous money management 👏

I do feel the welfare bill is out of control. And outside of health issues and large family crises people should be self sufficient. To be fair I understand single mums who've gone through a divorce. I understand people who are disabled or who have disabled kids.

But what about the working married couple who both work. Or childless people?