You are here: Home - Saving & Banking - News -

10 million Brits have less than £100 savings

0
Written by:
15/06/2021
Britain is facing a savings crisis with almost one in five UK adults having less than £100 stashed away for a rainy day.

Research by Yorkshire Building Society reveals more than 10.3 million people have less than £100 in savings, while one in ten have no savings at all. More than a quarter (26%) say they have less than £500 squirreled away.

The data highlights the UK’s widening financial wellbeing gap – the gap between non-savers and savers – as the number of people not saving at all has almost doubled over the last two years. More than one in five (21%) people have not saved anything in 2021 compared to just over one in ten (12%) in 2019.

At the other end of the scale there are signs of increased savings activity in light of the coronavirus pandemic, with many people seeing their savings growing under lockdown.

A fifth (20%) of people have increased their monthly savings and more than one in seven (17%) have reduced their outstanding debt during the outbreak.

The Office for Budget Responsibility has estimated that Britons will have collectively stashed away £180bn by the middle of this year due to 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 research found more than a fifth (22%) of people have sleepless nights due to money worries, two fifths (40%) feel stressed about their financial situation and more than a third (35%) of people feel the Covid-19 pandemic had increased their stress levels when it came to money.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
The 10 cheapest cars for 17-year-olds to insure

The value of your vehicle and its group rating are two factors that influence the cost of your insurance.

Close