New research suggests millions of Brits have no savings

Reading Time: 2 mins

New research, conducted by the Money and Pensions Service, has found one in six adults in the UK have no savings at all, with a quarter of UK adults having less than £100 set aside. The Money and Pensions Service (MAPS), spoke to 3,000 adults in the Uk as part of their research. 

This is worrying news as the cost-of-living crisis grows ever deeper, leaving many people vulnerable to rising bills. Similarly, any unexpected bills could cause great financial stress for many. 

Millions of Britons are facing ever-growing financial strain, without any sort of monetary safety net to fall back on. This means many may borrow money to cause extra costs, causing even great anxiety about their current financial situation. 

The research further showed the great strain people are under currently, with 5% of those surveyed having less than £50 in savings, and a further 4% having between £50 and £100 put aside for emergencies. 

using up savings

Although millions of people are likely to have no financial buffer to support them throughout the current crisis in the UK, the idea of saving any money will be at the back of many people’s minds. According to the Building Societies Association (BSA), 35% of people have stopped saving money due to the ever-soaring cost of living. 

Additionally, 36% of those surveyed said they were currently dipping into any savings they did have in order to survive the rising bills, fuel and food costs. 

With borrowing from friends, family and banks ever-growing, debt advisors suggest they are expecting an increase in enquiries over the winter months, as people struggle to fund the everyday essentials, such as energy bills and food. 

Two in five people who have borrowed money already say they are anxious about how much the owe. Many credit unions, however, are offering various ways to help those struggling, particularly throughout the more expensive periods of the year. 

Talk money week

The research by MAPS also showed some worrying statistics. According to the survey, 81% of people said they avoided talking about their finances. 21% of those questioned said they were worried about being judged, and a further 19% feared placing their financial burdens on others. 17% mentioned shame or embarrassment as a reason for not discussing money. 

MAPS , who run the MoneyHelper website, try to encourage people to open up about money, and talk with their loved ones about their finances. This week is Talk Money Week, a week-long campaign urging people to open up. 

The MoneyHelper website has a free debt advice tool, and MAPS are encouraging as many people as possible to take this free debt advice sooner rather than later. 

The post New research suggests millions of Brits have no savings appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/new-research-suggests-millions-of-brits-have-no-savings

30 thoughts on “New research suggests millions of Brits have no savings”

  1. With havin so much written content do you ever run into
    any problems of plagorism or copyright infringement? My website
    has a lot of unique content I’ve either authored myself
    or outsourced but it appears a lot of it is popping
    it up all over the internet without my agreement. Do you know any
    solutions to help stop content from being ripped off?
    I’d really appreciate it.

    Feel free to visit my blog post :: the growth matrix free penis

  5. First off I want to say awesome blog! I had a quick question that
    I’d like to ask if you don’t mind. I was curious to know how
    you center yourself and clear your mind before writing.
    I’ve had difficulty clearing my mind in getting my ideas out.
    I do enjoy writing but it just seems like the first 10 to 15 minutes are
    wasted simply just trying to figure out how to begin. Any recommendations
    or hints? Kudos!

    Have a look at my web site … the growth matrix by ryan

  6. Good day! This is kind of off topic but I need some advice from an established
    blog. Is it tough to set up your own blog? I’m not very techincal but
    I can figure things out pretty fast. I’m thinking about
    creating my own but I’m not sure where to start. Do you have any tips
    or suggestions? Many thanks

    My web-site: tonic greens

  7. дизентерия протокол рк, клинические протоколы мз рк миофолик алматы, миофолик цена
    в алматы капиталистік елдер тізімі, капиталистік және социалистік фотосинтездің бастапқы өнімдерінің бірі, хемосинтез бастапқы өнім

  8. After looking at a number of the articles on your web page, I seriously like your technique of
    blogging. I book-marked it to my bookmark website list and will be checking back
    soon. Please visit my web site as well and let me know your opinion.

    my webpage – alphabites

  17. I wanted to put you that very little observation in order to thank you so much the moment again just for the stunning pointers you’ve provided in this case. It’s simply unbelievably generous with you to give freely precisely what a number of people would have made available as an ebook to generate some money for themselves, even more so now that you could have done it in the event you desired. Those tactics additionally worked to become easy way to understand that other people online have the identical dream just as mine to see somewhat more on the subject of this issue. I think there are lots of more fun periods in the future for those who looked over your blog post. boostaro reviews

  18. I intended to write you that little word to finally thank you so much over again for your nice things you’ve provided on this website. This has been certainly generous of people like you to convey unhampered what exactly numerous people could have offered for sale for an electronic book to earn some bucks on their own, most notably considering that you could possibly have done it if you wanted. These smart ideas as well acted like a good way to know that most people have a similar dreams just like mine to understand whole lot more in respect of this issue. I know there are numerous more pleasant periods up front for individuals who scan through your blog. sumatra slim belly tonic

  19. I love your blog.. very nice colors & theme. Did
    you design this website yourself or did you hire someone to do it for you?
    Plz answer back as I’m looking to design my own blog and
    would like to know where u got this from. many thanks

  24. First of all I would like to say fantastic blog! I had a quick question which I’d like
    to ask if you do not mind. I was interested to find out how you center yourself and clear your thoughts before writing.
    I have had trouble clearing my thoughts in getting my thoughts out there.
    I truly do enjoy writing but it just seems like the first 10 to 15 minutes are usually
    lost just trying to figure out how to begin. Any recommendations or
    hints? Kudos!

  28. It is appropriate time to make some plans for the future and it is time to be happy.
    I’ve read this post and if I could I want to suggest you few
    interesting things or suggestions. Perhaps you can write next articles
    referring to this article. I wish to read even more things about
    it!

  29. Undeniably believe that which you stated. Your favourite justification seemed to be
    on the internet the simplest factor to be aware of.

    I say to you, I definitely get irked even as other folks consider concerns that they just
    don’t know about. You managed to hit the nail upon the top and defined out the entire thing without having side effect ,
    people can take a signal. Will probably be again to get more.
    Thanks

Comments are closed.