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?

Retrain.

And eat porridge.

https://en.wikipedia.org/wiki/Boots_theory

Exactly. The 'savers' are morally superior.

We have a few grand in 'savings', because I am very lucky to be in a couple and to live in a nice house with a fairly low mortgage.

My sister however, is in a housing association house, with rent higher than my mortgage, is a single mum, trying to help my nephew with uni, working 48 hours a week in a highly skilled, minimum wage job (caring for autistic adults so they can live independently) and couldn't save money as she hasn't got a spare penny.

So when the OP is 'shocked' adults have us got savings, she needs to read the fucking room and maybe empathise with others instead of living in that fucking tiny bubble.

I don't understand how people who could have savings, don't have savings. They spend money on stuff they don't need, and then complain that they have no money left.

Yes! I’m like you and have a little tucked away in case we need 2 days’ groceries, a friend needs bus fare to work if she leaves her husband etc etc. My mum set me up with a bit when I was in my first marriage and I’ve set up friends (like a friend on benefits who sent her ex out for groceries and he bought beer and cigarettes). Used to always get a great deal on potatoes or broccoli or apples and buy a huge portion and need her to split it so it won’t spoil anytime I saw her.

So I guess like OP I am a bit baffled if people don’t usually try to have a few dollars stashed away. But I’m not shocked they don’t have $100 or $10000 (I’m Canadian). Also if I realize they’ve never been taught it I’ll give them a bit if I can and tell them to keep it in their undie drawer in case they need bread and a tin of beans to get them to payday.

And because I am very very lucky I have a house which I also have debt against and credit card debt and I still have $23 upstairs. I think less people need their stash because they can use a credit card, but I prefer having my little bit of safety.

People who are struggling are now penalised for having as much as £10k in savings. The system is set up to make escaping the poverty trap difficult. (And no I'm not saying people with huge amounts of money should be able to claim UC before anyone jumps on that bandwagon).

OP, I’m not saying it’s your intention, but you clearly have no idea how awful your post will make some people feel. People who spend just about every waking moment worrying how they’re going to get through the week or month, people who are scared to answer the phone or open the post, and people who are made to feel like failures because financial institutions and some who have never struggled treat them like shit.

I’ve been there, in the years where financial struggles were not treated as sympathetically as they are supposed to be now. When it was acceptable for companies (including banks) to send goons to hammer on your doors, windows, and look through your letterbox, ask your neighbours where you were. Because you were seen as scum, useless, not worthy of an adult bank account. Even Littlewoods catalogue employees introduced themselves as Mrs X when they spoke to you if you were late with a payment. You weren’t worthy of their first name 😂

I’ve worked full time since I was 18, in good jobs, but I had the misfortune of being hit by an episode of severe depression that saw me being prescribed thioridazine and my weight going down to 6 stone. A turn of fortune can happen to anyone. I’m through it now thankfully and my finances are on track, but I really feel for others going through it, and get angry when they are put down or dismissed.

Yes, savings are ideal, but please open your mind to other people’s lives instead of being shocked.

I find it shocking when people are goady show offs that can’t see beyond the end of their own nose but here we are.

are you kidding OP? how are people on £18k and no benefits like i was until recently supposed to save?

i served the public most of my life. tried to be a good person. help others. give a little to charity (when i couldnt afford it) as there’s always someone worse off than oneself.

i literally had nothing spare. dont drink smoke do drugs or gamble. live quietly. got a tooth out rather than a crown as it was over £200 cheaper. sold all my jewellery for scrap value the next time i needed dental.

same house and no holidays for decades. drove a banger as the buses here are awful. but i did pay into a pension. so at least ive got that. but buggerall else.

savings. huh. fucking joke. maybe youre needing to think of others and give more regularly to charity instead of keeping it all to yourself if you’ve got so much? there’s always others who need help. you could afford to do more.

You can’t pay the rent with porridge.

I genuinely don't understand what you can't fathom. I have a two income household. I earn the most in my whole working class family. I'm fortunate enough to have a low mortgage. After shared bills and weekly shop yesterday I have 200 to last the month to pay phone bill and travel twice a week to work. Your post is genuinely upsetting to people just trying to survive. All my family and friends are in a less fortunate position and my heart goes out to them. You are severely out of touch.

Some people have savings some dont.
I think you have to walk in someone elses shoes to realise that not everyone can save even a tenner a week, much less have a few grand as a buffer.

I was in my 50s before I was able to focus on the importance of savings. Until then, it was a real grind. Now that life is more comfortable, I sometimes think back to the days when my account was already in the red on the day I was paid. It wasn't for want of trying - I cycled everywhere, for example, and worked hard.

Back then, I was trapped by shitty jobs and being a people pleaser. I'd been brought up to think that if you go all out to show how good you are at what you do, someone will recognise it and reward you. Eventually I learned that what actually happens is that everyone will get you to do their job for them, and patronise you, and pay you a pittance.

Going freelance boosted everything. But I'm proud of the resourcefulness I learned during those tough times, and feel profoundly grateful for the financial ease I now enjoy.

Good grief OP, I'm sure absolutely EVERYONE would love to have the security of a few grand at least saved for a rainy day!! Who wouldn't?

But can you really not imagine scenarios where that just can't happen, for innumerable reasons beyond people's control?

If you can - what was the point of this thread unless to boast or goad?

No because I don't know what savings other people have as it's none of my business.

I don't go around discussing these things with people. Debt, savings, benefits, inheritance, wages etc. There's no need.

It's not especially interesting as a conversation topic and can lead to judgement and jealousy among some people. Like you there OP.

OP I agree with you but it is not a popular opinion. When I started my first job at 20, I saved £50 a month into a building society account - it soon mounted up and by 25 I had about £10K in savings. Unfortunately the ethic to save has disappeared (after all, the state will give us benefits, won't they, type of thinking). Deplorable.

My DD had savings. Then her roof needed replacing and it was so expensive. My sister had savings then the engine on her car blew up and she needed another car to get to work. My DS had savings and then he needed a new boiler. Many people save for emergencies then an emergency happens and they have to spend their savings and then some goes on a credit card too. Then they work to repay credit card then they start to rebuild savings......but then another life event strikes. Be glad you have a better buffer.

I have a direct debit to two savings accounts. Currently I have about 60 pounds in each. I've done postgraduate education, struggled to find work, stayed home till my child went to preschool because my wage wouldn't cover childcare. Now on maternity leave and I have to dip into "savings" every time rent's due before husband's paycheck, kid needs new uniform, need to buy things for new baby, etc., etc. I was raised in poverty and frankly I'm grateful that we always have food on the table and can keep the lights and heat on.
Try having some empathy.

I don't have any savings, I freely admit that I'm not the best with money but for me a 'splurge' has usually been spending a bit in the second hand shops or Primark, it's not like I've been on lavish holidays all my life. There is very little left over after all bills, debts paid and expenses covered. I simply don't earn enough to keep up with the cost of living and would prefer my little treats - few bits at the charity shop, £15 at Primark once a month maybe, rather than saving this small amount, because little treats help keep me motivated in a draining, full time job.

School hols of course… I am flabbbergasted at ops paltry 10k….
that’ll cover month or 2 just won’t it @ThisJollyReader ?

What about people who don’t earn enough money to save? Are they deplorable? Some day, through unforeseen circumstances, you could be one of those people and your savings will last for a few months at best. Then what? Will you become deplorable too?

Hi OP, I am pleased that you have 10k savings but your post demonstrates complete lack of understanding or insight into the reality of people's lives.
I know people(and have been there) who live week to week /on credit cards /using overdraft etc to get by. They are not living extravagant lives beyond their means, more just dealing with the responsibility of their lives.
I was working more than full time and my boiler broke down. The insurance company condemned it and I had to get a bank loan to get a new one.
Please reflect on your post and use it as an opportunity to appreciate your good fortune

I think you’re being ridiculous. Until I took my pension lump sum five years ago, and was able to clear my debts, I had never had any savings since I was 16. I always had money owing on my credit cards and various loans when I was younger. Maybe I could have spent less, but until we had our daughter, we travelled extensively, enjoyed ourselves, and spent years with a large mortgsge at 15% interest and higher. Then I was a stay at home mother for seven years. It never bothered me not having savings and being in debt was a way of life, as it is for many people. I don’t know many people who have much in the way of savings, but then I don’t know anyone in real life who uses Mumsnet.

You realise a lot of people would be worried about only having £10k in savings. It's all relative isn't it.

Are you a bit thick? You honestly cannot understand how people don't have savings?