4 in 10 Brits ‘Have Less Than £100 in Savings’
September 30, 2016
As many as four in every 10 working-age Britons has less than £100 set aside as savings at any given moment.
That’s according to research by the Money Advice Service (MAS), which suggests that millions of Brits are currently living in a position of serious financial vulnerability.
In fact, if the government-backed organisation’s figures are accurate, there are estimated to be around 16.8 million men and women throughout the country who don’t have any more than £100 in savings.
MAS points out that without much in the way of savings in their bank accounts, a great many Brits are leaving themselves vulnerable to being unable to cover unexpected expenses.
As a financial advisory service, the worry for MAS is that so many people in the UK are likely to turn to various forms of borrowing in order to cover their costs, which can easily then lead to serious financial difficulties and debt management problems.
Reflecting on its own research, the service emphasised the point that it is particularly difficult for people to set any amount of money aside as savings if they are struggling to manage and pay down their debts.
Indeed, debt problems are cited as being one of the key obstacles to saving that working-age Brits face.
The MAS’ advice to anyone struggling to save is to set realistic targets and to make whatever contributions are possible on a regular basis, even if the amounts involved are small.
“These figures show the millions put at risk by the saving gaps in the UK,” said Nick Hill from the MAS.
“Everyone’s situations and abilities are different, so it’s important to find an approach to saving that’s right for them and their household. But for many, developing a savings habit is very achievable.
“Regular saving is key to building up that buffer against those life surprises.”
According to the MAS’ figures, around 48.4 per cent of working-age men and women in Scotland can be categorised as “non-savers”, meaning that they have less than £100 set aside at any one time.
If you live in Scotland you’re struggling to cope with your personal debts then Scotland Debt Solutions can help. You can call one of our experts today to arrange a free and confidential consultation.