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millions have savings of less than £100

Infinite Chaos

Infinite Chaos

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More than 16m people in the UK have savings of less than £100, a study by the Money Advice Service (MAS) has found.
Link.
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This is worrying, spending is good for the economy (especially if buying UK made goods) but this level of savings is shockingly bad. Seems like some of the basic savings and finance advice that used to be given in schools has stopped and people just don't know how to save even a little and how that can grow.

Martyn Alonzo is 53 and from the West Midlands. He earns £13,000 a year delivering stationery and installing furniture.Six months ago he was not managing to save anything.
"I just seemed to be working to eat and survive," he says. "I couldn't get any money behind me."
But after getting involved with a Money Advice Service project to learn about saving, he has now managed to save £800.
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Better than nothing, bravo to Mr Alonzo.
 
There is no incentive to save at .50% APR. You are losing purchasing power holding onto money. Just keep a credit card with balance available for emergencies.
 
backpacker said:
There is no incentive to save at .50% APR. You are losing purchasing power holding onto money. Just keep a credit card with balance available for emergencies.
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Very true. However for some, the sheer management of their own money is a lost art but then for others, it's an impossibility. I remember before my boys left their mother to come live with me that the child support I paid didn't leave me with anything to save with or spend on any kind of luxuries.
 
Infinite Chaos said:
Very true. However for some, the sheer management of their own money is a lost art but then for others, it's an impossibility. I remember before my boys left their mother to come live with me that the child support I paid didn't leave me with anything to save with or spend on any kind of luxuries.
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I really don't know how some people would survive without running to relatives as they are so horrible at money management. I have a relative who did that to me, so I cut them off. They get benefits and work and still do not manage their money worth a cuss. They will learn now.
 
Infinite Chaos said:
This is worrying, spending is good for the economy (especially if buying UK made goods) but this level of savings is shockingly bad. Seems like some of the basic savings and finance advice that used to be given in schools has stopped and people just don't know how to save even a little and how that can grow.



Better than nothing, bravo to Mr Alonzo.
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I keep a years worth of salary in savings for any rainy day or disaster. I got the other money in 401(k). Saving is easy...just don't buy crap that you don't need.
 
I live with my partner and we struggle to live on a joint income let alone have any to spare
 
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