More than half of Brits don’t save at all, according to research from digital current account provider Ffrees. Almost 50 per cent say that it’s because they can’t afford it.  However the vast majority feel that they could spare £1 a day – which, after a year, would be enough to pay for unexpected expenses. The infographic below lays out how Britain saves – or doesn’t, as the case may be.

Saving £1 a day builds a pot large enough for savers to cushion themselves. This is a significantly better option than paying for it on credit, either through a loan or on a credit card, as this second illustration shows. Ffrees current account holders are offered an account option to move £1 every day into a ring-fenced digital ‘Jam Jar’ within their account. 

Alex Letts, CEO of Ffrees, commented: “Our ‘save £1 a day’ initiative is a relatively painless way to cover off most of the £400 shortfall that households face in dealing with unexpected costs. Most people we spoke to can afford to save £1 a day, but don’t have the time or tools to set up a special account. With this effortless process, customers make a choice and do not need to think about it again – it just happens for our customers.”