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One Third Of Britons Don't Have Enough Savings To Survive Just Five Days Out Of Work


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http://www.dailymail.co.uk/news/article-1320141/One-Britons-dont-savings-FIVE-DAYS-work.html

Nearly a third of Britons do not have enough savings to last them for just five days if they were unable to work, a survey has suggested.

Three out of 10 people have less than £249 set aside to see them through an emergency, a third of whom have no savings at all, according to high street bank HSBC.

The group said the sum was equivalent to just five days' average take-home pay, well down on the three months' salary that financial advisers suggest people have set aside as a safety net.

Only one in five people said they would be able to continue paying their mortgage or rent or other bills if they were unable to work or lost their job, with 36% saying they would rely on government support.

A further 22% said they would have to rely on their partner to cover the bills if they were not working.

Richard Brown, head of savings at HSBC, said: 'These findings demonstrate a worrying lack of preparation amongst UK residents.

'With the current climate of uncertainty, it is of utmost importance that people are setting aside a realistic sum of money to be used in emergencies.

The real question is how many can actually afford to save money in the UK's high cost economy? Plus credit has been so easy to come by there has been no point in saving to buy what you want just buy with a loan or a credit card. No need to have money idling away doing nothing get it spent. Plus if you buy on a credit card you can then get a 0% card to transfer the balance too. Simples.

Similarly the UK govt has no savings and is currently financing it's spending by borrowing so the people are merely following the govt example.

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http://www.dailymail.co.uk/news/article-1320141/One-Britons-dont-savings-FIVE-DAYS-work.html

The real question is how many can actually afford to save money in the UK's high cost economy? Plus credit has been so easy to come by there has been no point in saving to buy what you want just buy with a loan or a credit card. No need to have money idling away doing nothing get it spent. Plus if you buy on a credit card you can then get a 0% card to transfer the balance too. Simples.

Similarly the UK govt has no savings and is currently financing it's spending by borrowing so the people are merely following the govt example.

Perhaps this is HSBC sending out a rather uncoded message to the government to keep interest rates low for the forseeable future i) "to keep hard workign families in their homes" and ii) banks are making hand over fist profits with the spread of IR's.

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Someone at one of my sites - nice guy, mid 30's, wife, 2 young kids - needed to get a replacement car the other day as his had been written off. It was about the 20th of the month and he needed a £200 deposit to secure a car he'd found before the insurance money came through. He didn't have £200 to hand and claimed to have less than £5 available until payday.

I've told this story a few times recently as I was so suprised and a few other people have said they are the same - absolutely no safety net of savings at all.

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Nearly a third of Britons do not have enough savings to last them for just five days if they were unable to work, a survey has suggested.

Three out of 10 people have less than £249 set aside to see them through an emergency, a third of whom have no savings at all, according to high street bank HSBC.

The group said the sum was equivalent to just five days' average take-home pay, well down on the three months' salary that financial advisers suggest people have set aside as a safety net.

Only one in five people said they would be able to continue paying their mortgage or rent or other bills if they were unable to work or lost their job, with 36% saying they would rely on government support.

A further 22% said they would have to rely on their partner to cover the bills if they were not working.

Richard Brown, head of savings at HSBC, said: 'These findings demonstrate a worrying lack of preparation amongst UK residents.

'With the current climate of uncertainty, it is of utmost importance that people are setting aside a realistic sum of money to be used in emergencies.

What they're really saying is that 20 million UK people (1/3rd of Britons) couldn't last 5 days and if you take rent and mortgage payments into account they probably couldn't even last a day.

So it's a picture of breadline Britain.

Just a hint of gloating by the HSBC bank going on there along the lines of look the banks have got all the £trillions of bail-out money but you're likely going to be living on the breadline ha ha ha.

It's also sending out a contradictory message that people should save more for a rainy day (indeed 3 months wages as if that would really be enough to weather what's in the pipeline) when the BoE is saying people should spend more of their savings (spend more of their £249) to help the economy.

It all just demonstrates the paucity of their policies.

Edited by billybong
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Someone at one of my sites - nice guy, mid 30's, wife, 2 young kids - needed to get a replacement car the other day as his had been written off. It was about the 20th of the month and he needed a £200 deposit to secure a car he'd found before the insurance money came through. He didn't have £200 to hand and claimed to have less than £5 available until payday.

I've told this story a few times recently as I was so suprised and a few other people have said they are the same - absolutely no safety net of savings at all.

Fairly typical I'd say. A few months ago a colleague 'lost' some over-time he'd come to rely on (couple hundred a month). He remarked how it'd push him over the edge. He went on to add that he'd only got £6.00 of his over-draft left until pay day, it was mid-month! :blink:

Maybe it was a coded plea for help although I didn't offer to lend him any money, figured I'd never see it again.

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Fairly typical I'd say. A few months ago a colleague 'lost' some over-time he'd come to rely on (couple hundred a month). He remarked how it'd push him over the edge. He went on to add that he'd only got £6.00 of his over-draft left until pay day, it was mid-month! :blink:

Maybe it was a coded plea for help although I didn't offer to lend him any money, figured I'd never see it again.

You'd make a good banker.

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What they're really saying is that 20 million UK people (1/3rd of Britons) couldn't last 5 days and if you take rent and mortgage payments into account they probably couldn't even last a day.

So it's a picture of breadline Britain.

Just a hint of gloating by the HSBC bank going on there along the lines of look the banks have got all the £trillions of bail-out money but you're likely going to be living on the breadline ha ha ha.

It's also sending out a contradictory message that people should save more for a rainy day (indeed 3 months wages as if that would really be enough to weather what's in the pipeline) when the BoE is saying people should spend more of their savings (spend more of their £249) to help the economy.

breadline Britain

I was thinking about this earlier today and looking at finding a niche market. I was thinking about marketing Horse Meat I know! I know! this would be a serious taboo in the UK but in hardened times we've eaten it before (think WWII). Imo all it needs is good marketing and a neutral product name, maybe call it 'Equus' a bit like the product 'Spam'. :unsure:

(Ok, I'm leaving now).

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Non-story!

A third of Britons are dependents and have no money of their own. They are children or babies or stay-home wives.

I'm surprised it's not more.

(During WWII there was "Star" branded tinned meat. You can work out from the name what it contained. ;) )

Edited by Nationalist
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Non-story!

A third of Britons are dependents and have no money of their own. They are children or babies or stay-home wives.

I'm surprised it's not more.

(During WWII there was "Star" branded tinned meat. You can work out from the name what it contained. ;) )

:lol: Hamsters getting their own back :P

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More moaning.

The only people I know who have no savings are the kind that blow all their cash on cheap booze, Marlboro Lights and takeout.

If you are a single person living in the south east, needing to rent somewhere to live (£550 minimum for a flat, maybe £300 for a room in a shared house), run a car (even assuming a cheap old car you are looking at £100 a month for insurance, MOT, tax etc), eat (£100 a month for basic rations) and pay your bills (£100 a month) I reckon you need something like £15k just to have the basics in life let alone save anything.

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Far from condemning these individuals, I see this as a symptom of overtaxed, rip off Britain. I needed a new part for my LDV van yesterday, its like a 2 inch bolt but has a rounded head. The cost of a new one is £65 +VAT

Costa Coffee sell blueberry muffins on motorways at £1.89

The same cost £1 for four in Tesco

This is because we have a dual economy. Rich b............s from the South of England, businessmen on expense accounts etc all bump up the costs to ordinary people

How can an ordinary person save?

A friend of mine grew up in a village on the West coast of Wales. He was amazed to find that the cheap, poor condition farm workers cottage of his parents has now been done up by an rich English b........d and sold to another REB for £1.2 million

(Apologies. Although I used the expression REB, I have many English friends from the North and Midlands and know that exactly the same damaging effects of the dual economy occur in their areas)

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Far from condemning these individuals, I see this as a symptom of overtaxed, rip off Britain. I needed a new part for my LDV van yesterday, its like a 2 inch bolt but has a rounded head. The cost of a new one is £65 +VAT

Costa Coffee sell blueberry muffins on motorways at £1.89

The same cost £1 for four in Tesco

This is because we have a dual economy. Rich b............s from the South of England, businessmen on expense accounts etc all bump up the costs to ordinary people

How can an ordinary person save?

A friend of mine grew up in a village on the West coast of Wales. He was amazed to find that the cheap, poor condition farm workers cottage of his parents has now been done up by an rich English b........d and sold to another REB for £1.2 million

(Apologies. Although I used the expression REB, I have many English friends from the North and Midlands and know that exactly the same damaging effects of the dual economy occur in their areas)

That's globalisation for you. If you want one economy stick to nationalism. Then when the REB wants anything, car/food/clothing/etc, he has to hand his money over to PEB. B)

At the moment REBs are mainly getting their money from PEBs and giving it to foreigners.

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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