Connect with us

Hi, what are you looking for?

Finance

‘One in five adults has less than £100 savings’

Nearly one in five adults has less than £100 in savings, according to a survey.

Indicating a widening gap in Britain’s financial wellbeing, a similar proportion of people — 20 per cent — have increased their monthly savings during the pandemic.

In a survey carried out for Yorkshire Building Society, which has an ambition to help more people to save, it emerged that 19 per cent of adults had less than £100 in savings, while 21 per cent of people were not saving, compared with 12 per cent when similar research was carried out in 2019.

Thirteen per cent of people have no savings to fall back on at all and more than a quarter have less than £500 put away.

More positively, nearly a fifth of people surveyed had reduced their outstanding debt during the pandemic.

Tina Hughes, director of savings at Yorkshire Building Society, said: “Our new research continues to highlight just how fragile many people’s finances are, with the shocking figure that nearly a fifth of all UK adults have less than £100 in savings.

“It also shows the further widening of the financial wellbeing gap in the UK. While we know it can be hard for people to put money away, especially with rising living costs and in a low-interest environment, we mustn’t overlook the impact saving has on people’s financial and mental wellbeing.”

The society highlighted the impact financial wellbeing has on people’s mental health, with more than a fifth of people having sleepless nights because of money worries.

Two fifths of those surveyed felt stress about their finances and more than a third felt that the financial impact of the Covid-19 pandemic had increased their stress levels.

Hughes said: “Now more than ever, with current and potential future economic uncertainty, it’s important for people to try to build their financial resilience and for us as a society to help people to save.

“Money worries can make people anxious, so we want them to know they don’t have to suffer in silence and we’re here to help them to manage their money during difficult times.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Breaking News

TikTok is one of the most rapidly growing platform. People across all the spectrum of age, gender, communities are joining the platform to...

Finance

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition...

Breaking News

The $160,000 SS Dolphin is a hybrid 1950s Corvette clone from China – Business Insider Amazon Prime Day Business Insider logoThe words “Business Insider”....

Finance

A shopping centre in Coventry that eight years ago was valued at £37 million was sold this week for only £4.9 million, setting...

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Captain Of Success. All Rights Reserved.