To think most people have savings...

[mobyduck]

We are not wealthy, we live in a 2-bed semi and run 2 old cars. However, we both keep about £15k to £20k in our (separate) current accounts to take advantage of the 1.5% interest paid (they are 123 accounts).
The money has been saved over many decades (we are both retired now).
I mentioned this to someone in work, recommended it really, but she said no-one she knows has the money to make it worthwhile?
Who is right?

In general, younger people, ie under 40, have debts and older people, ie over 60 have savings. 40-60 year olds break even.

I don't think a current account is the most useful place to keep that much money. Why not put it in an ISA or even a savings account? Badboe is correct that you're effectively losing money the longer you keep it there.

We’re in our 40s and we used to have savings but recently spent them on a house extension. We’ll aim to build them back up again now it’s finished and paid for.

But I think your friend is right, most people in the UK have little or no savings.

Hahahahahahahahaha!!!!

I have minus £199.90 in my account, with an over draft of £200 😂
No savings account, we had to get the 50ps and 20ps out the pot this month for bread and milk.
In my defence we normally don't let it get anywhere near this bad, but we're in the middle of moving house, have ended up paying rent on both properties for a few weeks and with carpet, curtains, and a variety of other creeping costs (extra plumbing parts for dishwasher, slabs for front drive, tools for jobs) our tiny savings of £300, our Christmas money from family and overdraft have disappeared.
We do live month to month and only had a little bit of savings because we were preparing for the move and had to live very frugally to save anything.
I would love to have savings and some security, DH works full time in NMW and I'm a SAHM, no chance of having savings for a long time yet.

I think the majority of people don’t have savings, certainly nothing significant. I love the phrase ‘as an adult you don’t have £100 saved until you have £200’ 😂 it’s funny because it’s true!

It’s only in the most recent two years I’ve started to save, currently we put away around £1k per month between us. I have around £5k and OH probably £10k. We’re saving for a house but won’t buy until we’ve saved enough that we can pay the deposit and fees and still have a buffer left over.

It’s an enormously privileged position to be able to have even moderate savings I feel, I grew up in poverty and the idea of having £500 sat in my account seemed preposterously unlikely for many years. But over my twenties I worked, multiple jobs at a time usually, studied my arse off (finished a degree, a MA in a profession, and a postgrad diploma in another compatible profession) and finally at 30 I’m earning what I’d consider a decent wage, and met a partner who’s similarly career-minded and good with money too.

It’s the main reason I’ve put off kids until now, haven’t ever been in the financial position to feel I can give them what they deserve.

Me and DH are mid/late 20s. We did have decent savings up until last year, especially as our professions aren’t particularly well paid.
but then we bought a house, needed some repairs on the car and our washing machine died over Christmas... also having our second baby in 10 weeks!
Now I think we have around £8 saved and whatever is in the jingle jar 😂