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?

@ThisJollyReader Could I suggest that you work as a volunteer at a food bank, debt advice service, soup kitchen or similar project for a few days each month

Listening to the stories of the people using these services will give you an insight which you are sadly lacking

But, the sad fact remains, there will be a huge group of people who you won't meet who are struggling to pay their rent and feed their families. These people may not need the organisations I've mentioned, but any extra expense (new washing machine, car repairs, kids needing new shoes) could easily tip them over the edge

When I first started attending my church 12 years ago we didn't have very much in the way of support for the local community. Nowadays we have a food bank twice a week, holiday clubs with meals for families during the summer, school uniform exchange, sessions to help the unemployed apply for jobs etc. The number of users of these services is increasing every year

If, like me, you are fortunate enough to have some savings, could I suggest that you use some of your good fortune to support a service or charity which helps those who don't have the financial resources we have?

Where do you think people would get their savings buffer from?

Or maybe not everyone is able to get a steady job at 20 and stay in steady employment thereafter. Especially with the economy in the state it’s in. Ever stopped to consider that?

I am working, earning and saving myself, but at other times in my life it hasn’t been possible because there has been literally nothing left to save at the end of the month. And there have been times when I have claimed benefits because I have been entitled to them and had no alternative, other than to starve. Nothing to do with not having a saving mentality or expecting the state to pick up the tab instead. And many, many people have been/are in the same position. You sound very naive, not to mention judgemental.

I was thinking that we have more like £100k but I’m not even vaguely shocked lots of people have no savings because earnings and costs for individuals differ wildly.

This is exactly what happened to me.

I had a small amount of savings (much less than 10k!) until my son became seriously ill and I soon found out how expensive it is to have a child in hospital, it was all gone very quickly. I then also lost my job on top of everything.

Now I'm on benefits, can't work due to my son's disability caused by his illness and don't have anything spare for savings.

I think you need to consider that many people might quite simply live a different life to yours. Maybe they don’t earn that much and are just getting by. Maybe they have more expenses than you. Maybe they prioritise living in the now rather than saving for whatever reason. Maybe life circumstances changed- had a baby, moved house, divorce, elderly parents, cost of living increase not matched by salaries, health issues….I mean the list is endless. I’m sure you didn’t mean it but your post did sound judgmental of those that don't think or live their lives like you.

I am a single parent to 2 teens with no maintenance. I work full time and am lucky enough to have a spare room that I rent out. We just about manage on that. Everything in my house is falling apart and I live in fear of my car breaking down or needing a new boiler. There are people in way worse situations than I am.

I don’t understand why you don’t understand that not having a ‘nice little buffer’ or savings is absolutely not a choice in pretty much every situation!
I can’t believe someone would be so far removed from society to even question this in their own head let alone start a thread on an online forum about it!

https://www.bbc.co.uk/news/articles/c3w38qvz195o

10K? Bless you. We all needed to know how much money you have. How thoughtful.

Said nobody ever.

Stop it. Behave. Have a day off! Live in the real world and then come back to reevaluate your thread. Goodness me!

In answer to your question, yes I think you’re being harsh. Sure we have savings for a rainy day and some days when it rains, we’re super glad that we do….but it wasn’t always this way. I’m very old and been married a very long time. Many years back we had small children and we were trying our hardest with what we had, which wasn’t a lot. We worked hard to afford a house, food on the table and we went without to make sure the kids had it all. No difference to many many parents now. What’s the saying “the roof leaked but the kids never knew it was raining even” ….or something like that😊. But we had a house in desperate need of repair, cars that were regularly abandoned round the corner because we couldn’t quite make it home on the tank, and most of our food shopping went on a credit card because we couldn’t afford it. So saving wasn’t possible not a priority. Getting through “the trenches” was.
I’ve put you’re unreasonable simply because sure some people just can’t afford to save.

It did not. No savings account alone gives someone any credit score let alone “an astonishingly good one”

it would have marginal impact.

That is so tough for you. I don’t think a lot of people realise how quickly everything comes toppling down when illness is involved. Solidarity - I have a 13 year old who hasn’t attended school for two years due to severe OCD. Nobody ever knows what’s round the corner

You don’t know what’s gone on peoples lives. They might not have ever had enough money to save, or they may have had to use their savings due to an emergency situation.

If you’re shocked then you should be very grateful that you’re in such a place of privilege that you can’t possibly imagine scraping by with nothing to spare every single month.

I know exactly how it feels and threads like this (and people like you) piss me off beyond belief.

Let me guess, you’re 60+ and own your own home?
I’d bet money on it.
Or not, seeing as I have none!

There really are some bloody idiots on MN this weekend.

Shocked!!! Ha ha ha, blimey!

Plenty of people live from month to month scraping by, hoping they can get through those last few days of the month. Plenty of people live their lives in the red. I think you're delusional if you think everyone has the capability of stashing money. I'm sure everyone would like to be able to, plenty of people feel life can be one step towards, two steps back.

Wow

An M&S one obviously. None of that own brand stuff.

Do you know how much a single parent on a low wage earns vs their basic outgoings? Many would love to save but it’s just not possible. This is reality for millions of people.

I think a lot of people are struggling to survive and meet their bills with the cost of living……. I think you need a reality check personally!

Lucky you that you’re in a position to save that much money!!!!

Why £10k?

Just having a big number in your head isn’t enough, you need to understand what that means in the context of your life. A “safe” bulwark needs to keep abreast of interest rates, inflation, your own commitments, dependents, priorities and reflect the stage of life you’re at.

I get what you're saying but it comes off as judgy.

My younger self would be shocked that now at 38 I only have £100 in savings. Thats what divorce and having an ex husband who doesn’t pay any maintenance does. I live pretty much paycheque to paycheque. Every time I save something the car needs fixing, or the kids need new shoes, etc.

I have savings now but for quite a few years nothing, certainly not 10k and even now that’s a large sum for me

some people don’t have high paying jobs and can’t get another one so they are stuck living pay cheque to pay cheque

you are incredibly naive about what’s going on out there to not understand that for lots of people saving is just not possible