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?

My DS lives at home and earns a modest amount for his grad job in London. £30k and living at home with family. It's alright. He saves around £1k a month. His colleagues who live out have decent savings as well. They live in a flat or house share and still have money to save after. Those who live and work elsewhere in the offices in the cheaper cities have more money at the end of the month.

But I totally understand many adults have difficulty situations. Single mothers for examples.

What’s the point in saving £10 a month?

Well I'm shocked that you have only £10k saved, I have all my money in properties so if I sold a couple of them I'd have at least £400,000 in my savings account.

Well I have no savings whatsoever. And if I had any spare cash, I would spend it. 10k savings for what if? You must be mad. What a complete waste. Spend it now, life is extremely short.

It depends on there circumstances
I was shocked when my sister had no savings and had to borrow of our parents they live well and both earned well then BiL got made redundant they had no reserves .the stuff they buy and places/holidays give the impression they have money

my friend lives pay day to pay day purely down to circumstances .I would be shocked if she had any savings

It’s all very “Let them eat cake” energy, @ThisJollyReader

And you know what they did to Marie Antoinette.

🍰 🍰 🍰

I agree to an extent. Some people do struggle to pay for essentials and have nothing left to save, but anyone who has anything left after essentials are paid should try to build a small emergency fund, enough to replace the kettle if it breaks, or to pay for the washing machine to be repaired. Saving just a bit can help avoid payday loans and the debt trap.

Oh ffs! 🙄

I'm poor as shit and I couldn't ever imagine being as delusional as you. You don't even have that much in savings in reality? This must be a wind up.

Some people can’t afford to live! Let alone save. And circumstances change. You can lose a job, become ill, disabled, death in family resulting in not working. Your savings soon get used up then!

Some people have to look after kids and other relatives not just themselves

This only applies to very poor people though, since the majority of people could buy a kettle with little concern

I was in my early to mid 30’s before I got out of debt and acquired some savings. Lived from Month to month. There was never anything left to save. Single incomes don’t go far once you have paid housing costs, running a car, paid debts etc.

Explain to me how I can save on the carers allowance and disability benefits I receive for my disabled husband and I'll save. Honestly what planet are you on

We’re in our mid forties and not poor but don’t have any cash savings <shrug>

I have savings and really appreciate how fortunate I am to have the spare cash each month to save.

But I'm not thick as shit so very much understand that not everybody is able to save because all of their money is accounted for. I'd recommend just being ever so slightly less stupid.

Today is a bad day to be poor on Mumsnet 🙈😑

I feel sorry for young people nowadays. It must be hard to build up savings.

Maybe your shock would better channeled into wondering why so many people have no spare income at the end of the month to save.

I will have a small payrise this year but my rent, council tax, fuel bills, water rates etc are all increasing far more.

So please tell me how people in this position can afford to save?

No, I don't feel shocked. I feel grateful that I had some help from parents to set up my first home and that I've had stable employment. I can see how easy it is to spiral into debt when you start with nothing or end up losing everything and have a low income.

Well aren't you lucky

Well you are a total idiot if you can’t see it. I went through uni and PhD and had nothing mountains of student debt. Then I got a teaching job -my outgoing didn’t cover my incomings. Gradually I worked my way up at work and got married - then got hit with a divorce which wiped out any savings we had and the house was sold. I had no choice but to go into rented and this time I had one income, rent of £1400 for a tiny 3 bed in Bristol and no maintenance. Honestly it was awful I went without food so the kids could eat. We were properly on a breadline. £100 in the bank was a pipe dream I literally had to save money wherever I could charity shops etc

Now I have remarried, and put bluntly he is loaded we have our dream house, 3 dogs and savings and cruises but without him I would still be renting and still be on the breadline and unable to retire. Most adults in the uk can’t afford to buy or move out of home. So you are just goading others.

I’m going to be honest, I find it quite hard to understand when adults have no understanding of why some people have no savings at all. I cannot fathom their inability to put themselves in other people's shoes, to fail to understand what the phrase 'Cost of Living Crisis' means, or to question how they would manage on Minimum Wage.

And then to say something as crass as 'Personally, I try to keep around £10k as a buffer'.

Are you joking?

You think people dont have savings because they dont think its important?

Really?

You obviously have no idea how little some people are earning out there.
They literally live pay check to pay check and some don't even make it to that.
Think you really need to shut up now.