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10 million Brits have no savings at all

Written by: Paloma Kubiak
The average Brit saves £150 per month but more than 10 million have no savings at all, leaving them vulnerable to unexpected costs.

Analysis from Santander found while Brits save a collective £82bn each month, almost a fifth of the nation save £50 or less per month while 10.3 million have no savings at all.

The study which looked at the saving habits of Brits also revealed that 52% wished they could save more, giving an average figure of £388 each month.

Of those who do put money aside each month, the most popular way is to deposit cash in a savings account (53%), followed by a cash ISA (27%).

However, the study revealed that many Brits are overlooking investing as a way to manage their money as only one in 10 said they invest through stocks and shares ISAs.

More than half of the 2,000 polled (53%) said they wished they’d received more money advice at a younger age, though a larger number of 18-34-year-olds said the same (66%).

However, 78% believe that being good with money is a learned behaviour that anyone can pick up with a bit of practice.

And when it comes to investments, a quarter of UK adults wish they’d been taught about them, while 21% said the same about budgeting.

One in five also wanted to receive more advice about the different savings options available to them.

When asked about their biggest money and savings influencer, (43%) revealed their parents had been their example to follow, compared to one in 10 who mentioned their partner as their biggest influence.

‘Developing a savings habit is so important’

Helen Bierton, head of savings at Santander, said: “Our research shows that although many of us are saving, there is still a significant number who have no savings to fall back on or are not aware of all the options available. Developing a savings habit – no matter how small – is so important as it not only provides a safety net but is a way of providing for your future, and those of your loved ones.”

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