Others who could put away a few pennies have seen the value of their savings fall (once you take into account inflation) because of low interest rates whose purpose was two-fold. 1 – to pro-up the housing market at all costs, 2 – get people spending by making saving a bad deal.
What the hell do you expect after a decade of wage stagnation, austerity and rising costs? I would have thought it would be half or more. I’m honestly surprised it’s only 25% of us.
Even those with savings – if you have a few grand, it’s going to whittle away very quickly.
All you’ll do is gain a few months grace over the people with no savings then you’ll be exactly where they are.
I know people on 20-25K a year whose “fun money” for the month is their 10 pound netflix subscription and a sub 10 tenner bottle of wine. And thats literally it.
Being able to put away £X00 a month is fast becoming a privileged position…
I have exactly 150 in savings lol totally prepared for this rainy day, but seriously one big bill and I’m fucked lol
You shouldnt need savings as a fallback for light, heat and food for fucks sake
And many of those that do will see those savings wiped out
> savings to combat cost of living crisis
For me, even that phrasing makes it sound as though this is a temporary thing.
What reason is there to think this is a temporary thing? It won’t change unless someone makes it change.
The savings I’ve had have been eaten up by growing bills.
Savings too should be savings for stuff like getting a house, a car, a Holliday, wedding, baby, maybe a luxury item you desire or a rainy day incase maybe you loose your phone/need to fix a car etc
Not having to keep your head above water and trying to afford to eat, wondering how to make it through winter 2022.
Fucking state of it all.
The real shocker here is that 3 out of four have savings! Fuck knows how they managed it.
Of course they don’t. Most people have been taking yearly pay cuts since 2008.
I saved a decent amount of money by living like a cretin for a couple of years & working from home. But honestly with rising inflation, I’m tempted to just go & spend it on a memorable holiday instead. What’s the point in keeping hold of it if inflation is just going to diminish it?
Well look at this headline logically…
CRISIS is a word that implies intense problems.
A ‘rainy day’ fund is what most people would save for. Those two things are instantly incomparable. It ***was*** common to have some money for a boiler breakdown, a car problem, or maybe even a vet’s bill if you’re remotely above the low income earner. It was normal for my middle class, average earning family to have a holiday fund even.
Any one of these can be a financial crisis to a regular person nowadays. The impact on cash flow can be devastating.
I would argue that capitalism has normalised spending and at no point provided the means for education around financial stability, nor provided the opportunity for large parts of the population. It has now stretched people beyond their budget for the most basic of items and necessities. The intention was never to let people have savings – money doesn’t trickle down in today’s society, which is the lie capitalism told you would happen. You can’t on the one hand tell people last year that *”Inflation isn’t going to happen”* (*Boris Johnson*), and then in the very next breath tell people *”Well it’s your fault for not saving anything for this crisis!”* and then piss off on holiday with no intention of doing anything about it… That’s not leadership…
And furthermore, should we really be saving money for crises? The answer is no! The government governs our country. Take into account the coming climate crisis – we have a lack of water, stock damaged in businesses and farms, and rising sea levels. What happens when houses are damaged and insurance decides they can’t pay out for storm damage, or heaven forbid, people lose their homes due to rising sea levels and can’t afford to move inland? The government haven’t thought of this – they can’t very well say then *”Well it’s your fault for not saving anything for this crisis!”*
Meanwhile the rich genuinely have enough money to solve these problems.
Millions of Britons skip meals to feed their kids too.
How are people supposed to be saving money?
As I just finished university… I really do not have savings. It’s like the one think I always managed to do… But no longer can.
I’m not advocating it, but I don’t see how this whole situation doesn’t end up with civil unrest.
We haven’t recovered from 2008. Years of austerity has reduced the nation’s resilence. Covid has destroyed what remains.
Theres nothing left to draw on for some people. Theyve been fucked over by 12 years of tory governments just removing money from the country.
It scares me how many people say ” it will be really bad”
Its currently already really bad! This will be a disaster.
Just give up Netflix, avocados and Costa and you’ll be fine /s
People save? New to me, been paycheck to paycheck for as long as I’ve worked, I mean I could save but then Id basically not be able to do anything with my time other than work, eat basic food and sleep. That sounds like depression.
Shouldn’t be seen as a bad thing for you to do enriching things, also pumps money into the economy and pays wages.
We have a serviced based economy which relies on footfall yet the Tory’s basically expect working class people to have no money to spend at all other than shelter, energy and food and be happy with their lot in life, absolutely ridiculous.
That’s what happens when 1/4 of the population has been in a cost of living crisis for 10+ years. We act like Covid created the cost of living crisis when in reality it’s been here since 2008 and the recovery that we saw after that was mostly shared only by the middle and upper classes.
[Food bank usage](https://www.statista.com/statistics/382695/uk-foodbank-users/) has been increasing rapidly year on year for the past 10 years and cuts to public services mean that the burden of small routine financial expenses has increased. As we all know the cost of living crisis disproportionately affects the working class. After 10+ years of our government attacking and working against the working class, raising their tax burden while massacring public services what do we expect?
erm if we are both working full time then i shouldn’t have to dip into my savings to heat the house, pay for Netflix maybe but not basics.
Where did that money go instead? To a worthless track and trace app?
If energy bills hit 75% increase in October, and government support is minimal (as to be expected with Truss) we are going to see a situation in the UK like never before and I mean never.
And it is only eight weeks away or so.
Something will crack and it will not be pretty.
By the time the energy and oil companies have finished taking their record profits with no consequence the other three out of four won’t have any savings either.
Wtf are the government letting these leeches get away with charging what they like when the raw oil and gas isn’t in short supply is scandalous….🤬
Noone should have to use their savings to cover basic living costs. What do we even work for if our wages can’t even cover our food and energy bills each month?
I have no savings and on a basic wage. I now only eat once a day. I have zero hope for the future of this country. May as well be dead.
This is the issue of the day, but I have to be honest and say I sometimes have to avoid it, because I’m utterly raging about us being pillaged, while the media and politicians present it as some kind of unfortunate accident.
And I guarantee you its more than one in four. Id bet money on, but… oh, wait.
We never had any savings prior to this cost of living crisis tbh. When 2 adults working full time earning combined £60k per year can’t save, there’s a problem.
Maybe I don’t know much about this but it’s not hard to see why the US economy does a lot better than the UK. The govt only cares about making easier to buy and horde land/ property with no innovative business being formed. No incentive!
you aren’t allowed saving when you’re on benefits, so that’s a big chunk of the one in four.
I’m 28 years old, I got engaged and I’ve we are renting and trying to save towards a mortgage and a wedding. This has DESTROYED my confidence in what the UK is doing and being from Northern Ireland they DONT CARE ABOUT US.
Everyone is absolutely useless, as a British citizen living in Northern Ireland we deserve better.
MY GENERATION HAS HAD ENOUGH! We can’t plan our future because our government has completely failed or forgotten about us. DISGRACE.
32 comments
Some people can’t afford to save.
Others who could put away a few pennies have seen the value of their savings fall (once you take into account inflation) because of low interest rates whose purpose was two-fold. 1 – to pro-up the housing market at all costs, 2 – get people spending by making saving a bad deal.
What the hell do you expect after a decade of wage stagnation, austerity and rising costs? I would have thought it would be half or more. I’m honestly surprised it’s only 25% of us.
Even those with savings – if you have a few grand, it’s going to whittle away very quickly.
All you’ll do is gain a few months grace over the people with no savings then you’ll be exactly where they are.
I know people on 20-25K a year whose “fun money” for the month is their 10 pound netflix subscription and a sub 10 tenner bottle of wine. And thats literally it.
Being able to put away £X00 a month is fast becoming a privileged position…
I have exactly 150 in savings lol totally prepared for this rainy day, but seriously one big bill and I’m fucked lol
You shouldnt need savings as a fallback for light, heat and food for fucks sake
And many of those that do will see those savings wiped out
> savings to combat cost of living crisis
For me, even that phrasing makes it sound as though this is a temporary thing.
What reason is there to think this is a temporary thing? It won’t change unless someone makes it change.
The savings I’ve had have been eaten up by growing bills.
Savings too should be savings for stuff like getting a house, a car, a Holliday, wedding, baby, maybe a luxury item you desire or a rainy day incase maybe you loose your phone/need to fix a car etc
Not having to keep your head above water and trying to afford to eat, wondering how to make it through winter 2022.
Fucking state of it all.
The real shocker here is that 3 out of four have savings! Fuck knows how they managed it.
Of course they don’t. Most people have been taking yearly pay cuts since 2008.
I saved a decent amount of money by living like a cretin for a couple of years & working from home. But honestly with rising inflation, I’m tempted to just go & spend it on a memorable holiday instead. What’s the point in keeping hold of it if inflation is just going to diminish it?
Well look at this headline logically…
CRISIS is a word that implies intense problems.
A ‘rainy day’ fund is what most people would save for. Those two things are instantly incomparable. It ***was*** common to have some money for a boiler breakdown, a car problem, or maybe even a vet’s bill if you’re remotely above the low income earner. It was normal for my middle class, average earning family to have a holiday fund even.
Any one of these can be a financial crisis to a regular person nowadays. The impact on cash flow can be devastating.
I would argue that capitalism has normalised spending and at no point provided the means for education around financial stability, nor provided the opportunity for large parts of the population. It has now stretched people beyond their budget for the most basic of items and necessities. The intention was never to let people have savings – money doesn’t trickle down in today’s society, which is the lie capitalism told you would happen. You can’t on the one hand tell people last year that *”Inflation isn’t going to happen”* (*Boris Johnson*), and then in the very next breath tell people *”Well it’s your fault for not saving anything for this crisis!”* and then piss off on holiday with no intention of doing anything about it… That’s not leadership…
And furthermore, should we really be saving money for crises? The answer is no! The government governs our country. Take into account the coming climate crisis – we have a lack of water, stock damaged in businesses and farms, and rising sea levels. What happens when houses are damaged and insurance decides they can’t pay out for storm damage, or heaven forbid, people lose their homes due to rising sea levels and can’t afford to move inland? The government haven’t thought of this – they can’t very well say then *”Well it’s your fault for not saving anything for this crisis!”*
Meanwhile the rich genuinely have enough money to solve these problems.
Millions of Britons skip meals to feed their kids too.
How are people supposed to be saving money?
As I just finished university… I really do not have savings. It’s like the one think I always managed to do… But no longer can.
I’m not advocating it, but I don’t see how this whole situation doesn’t end up with civil unrest.
We haven’t recovered from 2008. Years of austerity has reduced the nation’s resilence. Covid has destroyed what remains.
Theres nothing left to draw on for some people. Theyve been fucked over by 12 years of tory governments just removing money from the country.
It scares me how many people say ” it will be really bad”
Its currently already really bad! This will be a disaster.
Just give up Netflix, avocados and Costa and you’ll be fine /s
People save? New to me, been paycheck to paycheck for as long as I’ve worked, I mean I could save but then Id basically not be able to do anything with my time other than work, eat basic food and sleep. That sounds like depression.
Shouldn’t be seen as a bad thing for you to do enriching things, also pumps money into the economy and pays wages.
We have a serviced based economy which relies on footfall yet the Tory’s basically expect working class people to have no money to spend at all other than shelter, energy and food and be happy with their lot in life, absolutely ridiculous.
That’s what happens when 1/4 of the population has been in a cost of living crisis for 10+ years. We act like Covid created the cost of living crisis when in reality it’s been here since 2008 and the recovery that we saw after that was mostly shared only by the middle and upper classes.
[Food bank usage](https://www.statista.com/statistics/382695/uk-foodbank-users/) has been increasing rapidly year on year for the past 10 years and cuts to public services mean that the burden of small routine financial expenses has increased. As we all know the cost of living crisis disproportionately affects the working class. After 10+ years of our government attacking and working against the working class, raising their tax burden while massacring public services what do we expect?
erm if we are both working full time then i shouldn’t have to dip into my savings to heat the house, pay for Netflix maybe but not basics.
Where did that money go instead? To a worthless track and trace app?
If energy bills hit 75% increase in October, and government support is minimal (as to be expected with Truss) we are going to see a situation in the UK like never before and I mean never.
And it is only eight weeks away or so.
Something will crack and it will not be pretty.
By the time the energy and oil companies have finished taking their record profits with no consequence the other three out of four won’t have any savings either.
Wtf are the government letting these leeches get away with charging what they like when the raw oil and gas isn’t in short supply is scandalous….🤬
Noone should have to use their savings to cover basic living costs. What do we even work for if our wages can’t even cover our food and energy bills each month?
I have no savings and on a basic wage. I now only eat once a day. I have zero hope for the future of this country. May as well be dead.
This is the issue of the day, but I have to be honest and say I sometimes have to avoid it, because I’m utterly raging about us being pillaged, while the media and politicians present it as some kind of unfortunate accident.
And I guarantee you its more than one in four. Id bet money on, but… oh, wait.
We never had any savings prior to this cost of living crisis tbh. When 2 adults working full time earning combined £60k per year can’t save, there’s a problem.
Maybe I don’t know much about this but it’s not hard to see why the US economy does a lot better than the UK. The govt only cares about making easier to buy and horde land/ property with no innovative business being formed. No incentive!
you aren’t allowed saving when you’re on benefits, so that’s a big chunk of the one in four.
I’m 28 years old, I got engaged and I’ve we are renting and trying to save towards a mortgage and a wedding. This has DESTROYED my confidence in what the UK is doing and being from Northern Ireland they DONT CARE ABOUT US.
Everyone is absolutely useless, as a British citizen living in Northern Ireland we deserve better.
MY GENERATION HAS HAD ENOUGH! We can’t plan our future because our government has completely failed or forgotten about us. DISGRACE.