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?

Oh dear. It’s such a shame your £10k savings can’t be spent on some extra brain cells. Let me break this down on averages in the UK for you…

Salary FT- £31k p/a, take home £2150pm
Rent- £1300
Council tax- £200
Gas/electric- £140
Water- £50
Internet- £30

These basic bills alone total £1720, leaving £430 for other bills (phone, insurances, subscriptions, etc), travel and food.

This is based on a single income on average UK amounts.

Now, @ThisJollyReader, can you tell me where the average person can save £10k please?

🤣🤣🤣🤣

I’ve been homeless. No money and certainly no savings.

In my first marriage I wasn’t allowed money of my own and wasn’t allowed to work. I had to beg to be given the minimum for anything (food, sanitary products, toiletries, nappies, children’s birthdays, school uniforms- you get the picture). Savings weren’t happening no matter how much you think that it should.

Thanks to a very wise and lovely mumsnetter I got out eventually. I went to uni (wasn’t allowed to previously), got a job and gradually was able to support myself. I now make sure that I have a safety net but so many people are in that situation or using their whole wage (and getting into debt) just to survive and buy the basics.

You are very privileged and naive.

Equally others may be sat thinking your 10k is a bit paltry and looking down their noses at you. Always someone better off ready to sneer

I don’t know if I feel more sorry for all of the people out there who are
struggling so badly right now and will read this unfeeling post, or more sorry for the OP, who is inconsiderate and lacking in empathy.

Wow.

How fabulous for you that you have the privilege of being confused and uncomfortable at how poor some people are.

Absolutely. Unbelievable.

Because what comes in has to go back out again!

I'm not surprised people on low income or going through a crisis have no savings, I am often surprised when you see threads on here where people have a very good household income, have done for some time, have regular holidays, cars on finance etc and have no savings.

Some people live paycheck to paycheck and consider themselves fortunate, that they don’t have to actually get into more debt to get to the end of the month like plenty of other people do. Save what?

This is the financial equivalent of "can't you just eat less and move more" coming from someone with a full time nanny, a gym in the garage and the money to buy organic veggies.

(I've got some savings and no debt for the first time in my life, mid-40s. Absolutely terrified of the car conking and wiping out all my hard work)

I'm on benefits. My DP works. We still don't have enough to live without UC.

Do you really think the government gives us enough money that we have excess to be able to save?

Yeh I always thought that too, but that was what the man in NatWest said to me. I did have a credit card as well, but not with them.

OP, are you a fucking prick irl, or just anonymously on the internet?

From your post, I can only assume you have savings because nobody likes you enough to ask you attend any events where you need to spend money.

I've always thought trying to save a bit every month if possible is something to strive to do. Even earning £8 a day for jobs while studying I would try to a few pounds into a savings account every month and it's amazing how quickly it adds up. Of course, when you need to you spend it then start again. Once the money's gone from your account and in another pot it's like it's not there anymore to be tempted to waste.

This is only if you can afford it, when you have to rely on overdrafts and credit cards it's impossible 😑

Well if I got paid more I’d stand a better chance of having savings, but as I’m a low band NHS worker it’s not going to happen.

This, I think it depends on what stage of life you're at. We never had savings when our children were little. Had credit card debt and an overdraft. Now we're older we have no mortgage and have inherited money so now have savings.

Hard to say really, someone may have not much cash savings, but assets worth hundreds of thousands, someone else may have 50k saved, but be paying rent and relatively speaking not that well off. I would judge it by total assets not cash at the bank.

This..its easter sunday?! What's going on..

We had savings until we had our daughter and the cost of nursery absolutely floored us.

Depends on what you mean by "savings". I always keep a small bowl of coins on the kitchen dresser, for emergency pasta or teabags etc.

Interesting first post, OP.

I presume it's not because they are spending their salary on cocaine and champagne but they are poorly paid with high cost of living expenses.

It's because their outgoings are consistently equal to, or in excess of, their income. If you aren't capable of understanding this, then perhaps you are a bit dense.

That's true, but I'm writing from personal experience from a time when I was working full time but still had hardly anything after rent etc. I saved in the months I could save and when I needed my crisis fund for essential goods and repairs I was grateful I had it. I've got a better income but would still feel anxious if I hadn't got a small back up fund, though I get everyone is different.

I'm not sure I'd want to wave your lack of understanding around so much.