16 million have less than £100 in savings

[Edhilaria]

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

It does not surprise me at all.
I had no savings till I was 45

I should add that there's one exception to that. (She's planning to go into accountancy.

@Babyroobs it’s possible they are doing those things and have savings ... we do lots of trips away etc but are savvy with vouchers/ offers so are able to do this without it stopping us being able to save every month.

That said, most of our savings are about to be ploughed into buying a bigger house! Will then try and strike a balance between overpaying mortgage and building up savings again (and having fun! Because life is also for living)

Not surprised. Why have savings when virtually no interest is paid. And you are heavily penalised if you've saved and been careful if you apply for means tested benefits.

Yes, I'm surprised. I would include pension contributions and mortgage overpayments as "savings" though.

Pension contributions are not savings
(a) because DB schemes they are not your money
(b) because you cannot access them until much later in life

Mortgage overpayments are a reduction in debt, not a saving.

Exactly talk. People ideally need a balance of all 3.

The point is that you can choose to increase or decrease the level of your pension contributions which would affect the level of your disposable monthly income.

If I had limited income, I would prioritise some level of instant access savings for times of emergency e.g boiler repairs over and above pension contributions which you can't access until 55 at the earliest.

rogue
The point is that you can choose to increase or decrease the level of your pension contributions which would affect the level of your disposable monthly income
No you cannot.
If you are in a DB scheme you are bound to its contribution rates.
If you are in an AE DC scheme you are bound to its rates.

Only rich folks with SIPPs can pick and choose.

Overpaying on the mortgage is a form of saving. We will be saving over 20k on interest rates by overpaying each month and paying it off in 10 years instead of 25.

I have a bit more than £100, but far less than I did. Moved house, boiler packed up, expensive dog injury in addition to general running costs.

Now working on repairing the savings. Despite the dire rates I need to have savings for peace of mind.

I also thought there would be many more people without savings now.

Peace of mind can be important.