Worth noting that total is probably in their low interest instant savers.
So can imagine this articles survey probably does scale up fairly accurately.
Anecdotally I only manage to start saving last year thanks to a mix of budgeting and a large increase in my disposable from a job change.
Now we have an energy and food crisis to make sure I can’t keep that going at the same rate.
Stagnatic wages and every climbing prices everywhere increases the number of people living paycheck to paycheck.
And not everyone can just move, get a ‘better’ job. After all a lot of these people are essential workers. We have already seen that we needed them.
Was chatting to my mum about this the other day (shes in her 60’s) about how difficult people are finding it now and she still gave the response of ‘well your generation spends to much money on eating out, going on holidays, etc etc’.
Is this common in the older generation, do they all thing we are totally pissing money away on bling?
Partly due to interest rates being low. I have some savings but make no money of it, just felt pointless.
I have no savings. It’s not something I worry about as there is nothing more I can do about it. I work 6 days a week minimum (two jobs) and sometimes I work Sundays as well. Just last month I worked for 21 days straight. My salaries in total are above average yet with all outgoings I reach into my overdraft every month.
There is no answer. Keep calm and carry on is as apt as ever, I guess.
I managed to purchase a house this summer but it’s wiped out my savings. Currently trying to build them up, but it’s not easy given the prices of everything, so I’m currently living paycheck to paycheck and it’s not pleasant. I know others have it far worse, but it’s certainly reminded me how not having a buffer in your bank account adds a lot of stress onto your day to day life. I feel for those who are trapped in this position for sustained periods.
I should be able to have a decent buffer from March/April, but it will be a lean Christmas for sure.
This is the real crime the Tories have committed with the economy these past 12 years.
People can argue about the supposed merits of austerity, or to what extent our current problems are caused by Putin etc, but the low wage economy is 100% the Tory party’s doing and it has left huge numbers of people with no safety net to weather the coming financial storm – or the one we’re already in!
Anyone with access to Google and Wikipedia can find out that recessions happen every 10 to 15 years, it’s a known fact with a clear historical pattern – the causes might be different each time but they’re regular.
They have done absolutely nothing to grow the economy in the 12 years they’ve been in power and they should all be in prison.
I am going to treat the next couple of years as if lock down was back in place… Save as much as I bloody well can, apart from dating expenses and hope to god I have a good amount saved up.
Grew up in a household with no money, there were nights when my sister would come into my room crying because she was worried we would lose the house.
No way do I want my kids worrying like that.
I used to save then think what’s point just leaving house to kids so they set
I seem to recall a lot of noise about people having saved too much money during all the lockdowns and how they owed it to the economy to get out there and spend it all…
The rule of law can only be respected when it is possible for people to meet their needs within it.
Well people voted for this government. Don’t make the same mistake again.
I’m a 45yo with no savings and practically zero pension. AMA.
When people say “its the same everywhere” dispute it.
The UK has been in terminal decline for the past 12 years under Tory government and standards of living have been getting worse for all but the top 5% (even they’re treading water)
It’s a relative decline not experienced in the rest of Europe. in 2007 UK standard of living was 7% below its peers, now its 20%. If you are in the poorest decile, adjusting for purchasing power, your standard of living is lower than the same group in Slovenia. For the same group in Ireland you are 30-40% worse off (more redistributive policies).
By the end of the decade on the current trajectory the average UK households standard of living will be lower than the Polands.
The top decile in the UK is faring much better so we know who is being protected
The UK is also performing below more established economies.
I’m just waiting for my partner to die some day, and hopefully by then all my family will be gone too, then I’ll go to Switzerland or just top myself at home. This life is so incredibly shit, sooner it can end the better and I’m not going to piss away what little money I have now for a future that will never be worth living anyway.
Next month, millions is debt as cost of living soars.
2019 feels a more monumental loss as every year goes by. Not even every year, every month. I have to just think whatever course Corbyn and McDonnell would have set the country on that only full blown violent revolution would really matter but that’s naive too, it does just take someone getting in correcting where we are over time. I’ll never forgive people for 2019. We got one chance. I guess for others it was 2017, which is fair enough.
The UK and it’s lack of saving/investing culture is such a major, under-spoken issue
Remind me again why I as a 26 year old should bother going to work tomorrow? We get absolutely fuck all in this country. We can’t afford a reasonable house and we can’t afford to have children…so what is the purpose anymore?
I don’t feel bad about avoiding tax as much as I can and I’m only going to try harder because this country has given me fucking nothing and doesn’t deserve my money.
I went shopping today. Butter used to be £3.75, now £4.50. Cheese, £1.80 or 2 for £3, now £2.60 and 2 for £4.50. Milk £1.55 compared to £1.05 6 months ago. My husband and I have started rationing and we both work. I watched an elderly couple put back 4 pints and bought 2 as that was all they could afford. This is profiteering – I get the other costs but everything has gone up by 50p to £1.50 and its unsustainable.
21 comments
There’s going to be a huge amount of people getting to retirement age with no savings, no private pension of much worth and no house to sell.
Wonder how this is going to be dealt with.
I’m not saving money in case some billionaires run short, I’m saving to improve my life.
BBC ran an article in July from Lloyd’s Bank stating 80% of household (lloyds customers) have less than £500 in savings.
https://www.bbc.co.uk/news/business-62057301.amp
Worth noting that total is probably in their low interest instant savers.
So can imagine this articles survey probably does scale up fairly accurately.
Anecdotally I only manage to start saving last year thanks to a mix of budgeting and a large increase in my disposable from a job change.
Now we have an energy and food crisis to make sure I can’t keep that going at the same rate.
Stagnatic wages and every climbing prices everywhere increases the number of people living paycheck to paycheck.
And not everyone can just move, get a ‘better’ job. After all a lot of these people are essential workers. We have already seen that we needed them.
Was chatting to my mum about this the other day (shes in her 60’s) about how difficult people are finding it now and she still gave the response of ‘well your generation spends to much money on eating out, going on holidays, etc etc’.
Is this common in the older generation, do they all thing we are totally pissing money away on bling?
Partly due to interest rates being low. I have some savings but make no money of it, just felt pointless.
I have no savings. It’s not something I worry about as there is nothing more I can do about it. I work 6 days a week minimum (two jobs) and sometimes I work Sundays as well. Just last month I worked for 21 days straight. My salaries in total are above average yet with all outgoings I reach into my overdraft every month.
There is no answer. Keep calm and carry on is as apt as ever, I guess.
I managed to purchase a house this summer but it’s wiped out my savings. Currently trying to build them up, but it’s not easy given the prices of everything, so I’m currently living paycheck to paycheck and it’s not pleasant. I know others have it far worse, but it’s certainly reminded me how not having a buffer in your bank account adds a lot of stress onto your day to day life. I feel for those who are trapped in this position for sustained periods.
I should be able to have a decent buffer from March/April, but it will be a lean Christmas for sure.
This is the real crime the Tories have committed with the economy these past 12 years.
People can argue about the supposed merits of austerity, or to what extent our current problems are caused by Putin etc, but the low wage economy is 100% the Tory party’s doing and it has left huge numbers of people with no safety net to weather the coming financial storm – or the one we’re already in!
Anyone with access to Google and Wikipedia can find out that recessions happen every 10 to 15 years, it’s a known fact with a clear historical pattern – the causes might be different each time but they’re regular.
They have done absolutely nothing to grow the economy in the 12 years they’ve been in power and they should all be in prison.
I am going to treat the next couple of years as if lock down was back in place… Save as much as I bloody well can, apart from dating expenses and hope to god I have a good amount saved up.
Grew up in a household with no money, there were nights when my sister would come into my room crying because she was worried we would lose the house.
No way do I want my kids worrying like that.
I used to save then think what’s point just leaving house to kids so they set
I seem to recall a lot of noise about people having saved too much money during all the lockdowns and how they owed it to the economy to get out there and spend it all…
The rule of law can only be respected when it is possible for people to meet their needs within it.
Well people voted for this government. Don’t make the same mistake again.
I’m a 45yo with no savings and practically zero pension. AMA.
When people say “its the same everywhere” dispute it.
The UK has been in terminal decline for the past 12 years under Tory government and standards of living have been getting worse for all but the top 5% (even they’re treading water)
It’s a relative decline not experienced in the rest of Europe. in 2007 UK standard of living was 7% below its peers, now its 20%. If you are in the poorest decile, adjusting for purchasing power, your standard of living is lower than the same group in Slovenia. For the same group in Ireland you are 30-40% worse off (more redistributive policies).
By the end of the decade on the current trajectory the average UK households standard of living will be lower than the Polands.
The top decile in the UK is faring much better so we know who is being protected
The UK is also performing below more established economies.
https://www.ft.com/content/ef265420-45e8-497b-b308-c951baa68945
I’m just waiting for my partner to die some day, and hopefully by then all my family will be gone too, then I’ll go to Switzerland or just top myself at home. This life is so incredibly shit, sooner it can end the better and I’m not going to piss away what little money I have now for a future that will never be worth living anyway.
Next month, millions is debt as cost of living soars.
2019 feels a more monumental loss as every year goes by. Not even every year, every month. I have to just think whatever course Corbyn and McDonnell would have set the country on that only full blown violent revolution would really matter but that’s naive too, it does just take someone getting in correcting where we are over time. I’ll never forgive people for 2019. We got one chance. I guess for others it was 2017, which is fair enough.
The UK and it’s lack of saving/investing culture is such a major, under-spoken issue
Remind me again why I as a 26 year old should bother going to work tomorrow? We get absolutely fuck all in this country. We can’t afford a reasonable house and we can’t afford to have children…so what is the purpose anymore?
I don’t feel bad about avoiding tax as much as I can and I’m only going to try harder because this country has given me fucking nothing and doesn’t deserve my money.
I went shopping today. Butter used to be £3.75, now £4.50. Cheese, £1.80 or 2 for £3, now £2.60 and 2 for £4.50. Milk £1.55 compared to £1.05 6 months ago. My husband and I have started rationing and we both work. I watched an elderly couple put back 4 pints and bought 2 as that was all they could afford. This is profiteering – I get the other costs but everything has gone up by 50p to £1.50 and its unsustainable.