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Eight Million Brits have no Savings

A study administered by Scottish Widows has uncovered the fact that eight million Brits have no savings to their name, while a further fifteen million are making no effort to save at all.

Also revealed was the extent to which family members loan or give substantial amounts of money to their children or other family members, in most cases simply to assist in covering the costs of daily living. 40pc of people asked said they had loaned “substantial amounts” of money to a family member, up from 30pc last year.

Parents lending money to children made up a quarter of the respondents who said they had lent to a family member, with the average amount lent standing at £14,865. The repercussion of this is that parents are now finding it harder to save too, with a quarter cutting back on savings and one in ten stopping saving altogether.

The economy has been subject to repeated setbacks since the UK officially fell into recession in 2008, with the public suffering in the shape of stagnant wages, poor interest rates on savings, prices rising above inflation as well as much more. Last month the ‘best buy’ ISA rate was reduced to below 3pc, the lowest since ISA’s were introduced in 1999.

This has all meant that people are struggling to afford the costs of daily living and are subsequently struggling to save, while on the other hand those who are managing to save are suffering poor rates.

If you have any financial questions related to this article or otherwise, please do not hesitate to contact our advisors who will be happy to help.

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