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Original poster

16 million have less than £100 in savings

87 replies

Edhilaria · 30/09/2016 19:51

Is this surprising to you? I know loads of people in this situation. Just being nosy really, how much in savings is normal?

OP posts:
Jaimx86 · 30/09/2016 21:28

Purple bird, I didn't mean people spending money that they have to, but those frittering money away.

Purplebluebird · 30/09/2016 21:34

Ah alright :) I'm a saver bunny to be honest, so for me being in my overdraft is really weighing me down mentally! I used to save £200 every month when I worked full time, before going to uni and having a baby that was.

BombadierFritz · 30/09/2016 21:43

I was really shocked that so many people have, essentially, no savings. very very worrying. i'm more thankful than ever for our welfare state. I also realised my family is more privileged than I thought.

BadLad · 01/10/2016 10:10

I would be tortured by worry if I had no savings.

I thought the number with none would be high, but I'm shocked that it's 16million.

Girlwithnotattoos · 01/10/2016 10:31

I'm not surprised that so many people have no savings it's the reason why payday lenders do so well, they take advantage of people needing cash quicklySad

I never had any savings either in my 20's, very little (under 2k) in my 30's, but now that I'm well in 40's and the mortgage is no longer a big deal we have been able to save without going without holidays or cats etc. I now feel secure that we have close to £30k in savings it means that I'm no longer dreading an unexpected bill or household crisis. I expect to continue saving until I retire.

People are able to save at different rates at different times in their lives depending on their circumstances which is understandable what need to happen is that regular saving needs to be seen as routine as paying your gas bill, credit unions need promoting and children save for things they want.

Tropicana1980 · 01/10/2016 10:47

Do these 16 million people have no assets as well as no savings?

I know a couple of people who I get the impression don't have any, or at least any significant, savings but they both have homes which they own outright (no mortgage) which their parents have bought for them so I don't really feel sorry for them!

I have some savings, but I also have a massive mortgage so I'm actually worse off than my friends who have no savings, although I appreciate I have funds I could access quicker in an emergency

Babyroobs · 01/10/2016 12:33

I have no savings ( DH does but in his own account from inheritance). However we have no mortgage and could save more if we cut back on spending and budgeted a bit better.

cozietoesie · 01/10/2016 12:43

Maybe aim for a few hundred now then, Baby? Then you won't have any concerns if e.g. the washing machine develops a threatening rumble. Smile

RebelandaStunner · 01/10/2016 17:28

I am shocked.
£100 is not a lot of money if something breaks or you get an unexpected bill.

DinosaursRoar · 01/10/2016 17:35

I'm surprised it's 16million people, but not that a lot of people don't save.

We've got about 6months worth of "mortgage and bills" saved, are going to try to increase that.

Irush · 01/10/2016 17:43

No savings
Bought our house 18 years ago for 121k, have a tiny mortgage and house is now worth around 700k
And dh has a big pension

ImSoTakei · 01/10/2016 17:47

I have £110 in an envelope in my bed room.

Currently have £351 in the bank. Rented house. No car. No jewellery.

Makes me sad I have absolutely nothing to leave my children.

ScaredAboutTheFuture · 01/10/2016 17:48

We have savings but as said above we now won't get any help now DH has been made redundant. Wish we hadn't bothered saving and had had the lovely holidays that we forfitted.

Leatherboundanddown · 01/10/2016 17:56

I had no savings whatsoever and was always right up to my overdraft until I was 26 and awful credit. Thankfully I sorted my attitude to money out after that and three years later things are a little better but it took me a long time.

TealGiraffe · 01/10/2016 18:02

Currently have £68 in savings because i've just bought a piece of furniture and started xmas shopping.

Tend to put £150/£200 away each month usually.

But i also have zero debt. If i had an emergency i have a £500 overdraft i havent touched, anything bigger would be bank of mum and dad.

Cathaka15 · 01/10/2016 18:17

I have no savings. Sad

cozietoesie · 01/10/2016 18:26

Do you have any debt though, Cathaka?

Poshsausage · 01/10/2016 18:27

No savings here just debt
We rent
No pensions
No parents so no inheritances
Left the care system with no idea about apr or money and am still paying it bqck in my forties
Oh and my car has just broken down and I don't know how I'm going to get the children to school

Cathaka15 · 01/10/2016 18:40

I have a lot of debt. Leftover from my younger less brighter years.

allthingsred · 01/10/2016 18:43

Doesn't surprise me at all. Me & my partner both work full time. We private rent & if we ever reach 0.00 in our bank account it's a good month. We live in our overdraft & I genuinely can't see it ever changing

alltouchedout · 01/10/2016 18:44

No savings or assets. Close to no debt other than student loan though! Once debt free we intend to start saving. Although we're never going to be able to save much...

blinkowl · 01/10/2016 18:48

I have no savings, no pension and a shit load of debt.
My shoes right now hurt my feet but I can't afford a new pair. It's shit.

On the bright side, DC are well-fed, well-clothed and doing brilliantly at school, and I own my own house outright so I don't have to worry about losing our home at least.

No idea how we're going to get out of the debt. Just got to keep going on and hope I can afford to pay it all off one day.

DramaInPyjamas · 01/10/2016 18:56

I had 6k in savings and the children had 1k each in their accounts at the start of the year.
We are all now at zero balance due to splitting with my husband having to decorate and furnish new home / his 'joint' debts he left us with that I knew nothing about / various other stuff
It broke my heart to clear their accounts but it had to be done.

Hopefully I will be able to start building up the kids savings again (with interest) in the new year but if I didn't have those savings in the first place I really don't know what we would have done. So scary.

BuggersMuddle · 01/10/2016 19:34

I was not surprised that the number was big, but I was surprised at how big iyswim.

We have savings but are both classed as high earners. I will be honest though and suggest that we are (mid-30s), not in the same positions as some of my comparable colleagues 10-15 years older were at our age.

I do recognise that many people just can't save as they live hand to mouth. Having said that, I suspect many who can don't (or don't save as much as they arguably should) because the prevailing culture is ever more focussed on consumption.

BennyTheBall · 01/10/2016 19:38

It doesn't surprise me that people don't save. Lots of people live month to month.

In fact, some of our 'wealthiest' friends have no savings whatsoever, despite having what could be perceived as very high incomes. Having said that, £100 could hardly be described as 'savings' for many.

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