I have around £1000, which would just about pay my bills for a month. Which is obviously not enough.
I do get what Lloyd’s are saying here but. They’ve also got a 0.2% saver lol. Like, that’s shit even for the current shit interest rates.
Might as well shill here but Chase UK have a 1.5% saver, just be prepared to wait a few weeks for entry. Best place I’ve found to store cash/emergency fund money.
I would say very, very many people wish they had £500 in savings.
Probably got to do with ultra low interest rates making saving in banks unattractive.
Currently have £3 in my account lol
As a member of the top 1% I think it’s absolutely disgusting that the working man is hoarding this much wealth from us, politicians, corporations, and banks need to work together to eliminate this issue.
I only move money into my Lloyds account so I can get free magazine subscriptions and then move it back out again…
80% have £500 or less. Pretty important distinction. Lazy title.
Stupid title.
Article then has: people may have money elsewhere but in their Lloyd’s accounts this is what we see.
Is the BBC doing an advert for Lloyd’s Bank here?
Oh fuck. I have almost double what must people have. Guess that’s one reason not to jump off a bridge just yet
80% of Lloyd’s customers having less than £500 in their current account or savings account is a pretty staggering figure. At first I started to wonder things like well maybe they have an ISA and that doesn’t count but I suspect the picture really is as bleak as it sounds
A lot of people piled into premium bonds during the pandemic. I did this and it’s given me an interest rate above 4%.
I wish I had any savings…
Sat here in my overdraft having to pay £60 a month for the privilege of it too… stupid rent and electric rises on a single person household.
Honestly, how?
I earn barely over minimum wage and have enough saved I could be unemployed for over a year and not risk becoming homeless.
But r/UKPersonalFinance convinced me everyone has at least five more months’ worth of emergency funds than I do!
Well you see Lloyd’s, I have £0 in savings but I’m not in overdraft so that’s a win for me 😌
“cries in five grand of debt”
Having less than 10k in my bank stresses me out idk how people live like that
Is it weird for me to say that a public that’s skint, divided and angry is exactly what the Conservative Party wants? They’ve thrived from people being skint, it gives them a lot of power to scare people about an alternative “Labour will have your grandchildren suffer” “It’d be worse under Labour”
Also, what can this say about the morale of the country when most cannot afford to actually live a decent or even a normal life?
This doesn’t take into account people who have their savings elsewhere. My savings account with Halifax has exactly £0 in it so I would be part of this type of statistic, what the stats don’t tell you is I have significantly more in my Chase account because they offer 1.5% interest as opposed to Halifax 0.01%
if everyone had £500 the total would be 30-40 billion. The UK M0 money supply is around 95 billion. From this rough calculation, I estimate that more than half the total money supply is being hoarded by the wealthy.
Less than £500 is not ‘savings’ anyway, it’s your float for survival. In your current account.
23 comments
Plenty have zero.
I have around £1000, which would just about pay my bills for a month. Which is obviously not enough.
I do get what Lloyd’s are saying here but. They’ve also got a 0.2% saver lol. Like, that’s shit even for the current shit interest rates.
Might as well shill here but Chase UK have a 1.5% saver, just be prepared to wait a few weeks for entry. Best place I’ve found to store cash/emergency fund money.
I would say very, very many people wish they had £500 in savings.
Probably got to do with ultra low interest rates making saving in banks unattractive.
Currently have £3 in my account lol
As a member of the top 1% I think it’s absolutely disgusting that the working man is hoarding this much wealth from us, politicians, corporations, and banks need to work together to eliminate this issue.
I only move money into my Lloyds account so I can get free magazine subscriptions and then move it back out again…
80% have £500 or less. Pretty important distinction. Lazy title.
Stupid title.
Article then has: people may have money elsewhere but in their Lloyd’s accounts this is what we see.
Is the BBC doing an advert for Lloyd’s Bank here?
Oh fuck. I have almost double what must people have. Guess that’s one reason not to jump off a bridge just yet
80% of Lloyd’s customers having less than £500 in their current account or savings account is a pretty staggering figure. At first I started to wonder things like well maybe they have an ISA and that doesn’t count but I suspect the picture really is as bleak as it sounds
A lot of people piled into premium bonds during the pandemic. I did this and it’s given me an interest rate above 4%.
I wish I had any savings…
Sat here in my overdraft having to pay £60 a month for the privilege of it too… stupid rent and electric rises on a single person household.
Honestly, how?
I earn barely over minimum wage and have enough saved I could be unemployed for over a year and not risk becoming homeless.
But r/UKPersonalFinance convinced me everyone has at least five more months’ worth of emergency funds than I do!
Well you see Lloyd’s, I have £0 in savings but I’m not in overdraft so that’s a win for me 😌
“cries in five grand of debt”
Having less than 10k in my bank stresses me out idk how people live like that
Is it weird for me to say that a public that’s skint, divided and angry is exactly what the Conservative Party wants? They’ve thrived from people being skint, it gives them a lot of power to scare people about an alternative “Labour will have your grandchildren suffer” “It’d be worse under Labour”
Also, what can this say about the morale of the country when most cannot afford to actually live a decent or even a normal life?
This doesn’t take into account people who have their savings elsewhere. My savings account with Halifax has exactly £0 in it so I would be part of this type of statistic, what the stats don’t tell you is I have significantly more in my Chase account because they offer 1.5% interest as opposed to Halifax 0.01%
if everyone had £500 the total would be 30-40 billion. The UK M0 money supply is around 95 billion. From this rough calculation, I estimate that more than half the total money supply is being hoarded by the wealthy.
Less than £500 is not ‘savings’ anyway, it’s your float for survival. In your current account.