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A Third Of Britons Living On A Knife Edge

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Pressures on disposable income have left many Britons unable to build up a savings nest egg and as a result more than a third of people admitting that they would be unable able to cope financially in the event of an emergency.

The figures, from NS&I's Savings Survey, revealed that, on average, Britons are setting aside around 8pc of their monthly income or £100 each month, with men saving more than women.

The study showed that of those who save regularly, only a quarter of people have set themselves a goal, with the majority prioritising paying for a holiday over saving for an emergency.

According to the research, consumers are pessimistic about their ability to save, with a quarter of people predicting that they are less likely to save over the next three months due to financial pressures.

Encouragingly, 16-24 year olds appear particularly committed to saving money. Two fifths say they set themselves savings goals, compared to only a quarter of those aged 35-44. This younger generation is also more confident in their ability to save in the coming months with almost half of 16-24 year-olds saying that they are more likely to save in the coming months compared to just 14pc of 35-44 year-olds.

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The stupidity of a nation of consumer whores.

These people deserve what they get, because its as simple as living without.

You NEED to eat, but not McRonalds and you definitely don't need a mobile phone contract, etc...

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pig9.jpg?iact=rc&dur=390&ei=ybYLTrzYAcSW8QP7-KiTAQ&page=1&tbnh=162&tbnw=104&start=0&ndsp=63&ved=1t:429,r:7,s:0&tx=27&ty=70

The stupidity of a nation of consumer whores.

These people deserve what they get, because its as simple as living without.

You NEED to eat, but not McRonalds and you definitely don't need a mobile phone contract, etc...

You are absolutely right that people need to spend less, particularly on unnecessary crap, and save more for the future. However, some or many of these people may be unemployed or underemployed. This is something to think about as your government (the UK), and my government (the US), sends billions to bail out Greece, which I liken to throwing good freshly cooked food down the garbage disposal.

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I had the 3 little Pigs book with this illustration in it when I was a toddler, ladybird I think. That wolf scared the sh1t out of me, used to think he lived under my bed and was going to eat me when I fell asleep :o

Hopefully that same wolf is under the bed of the housing market just waiting for it to drift off :lol:

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i think they are best to just spend every single penny, least they get something for it before the money is worthless.

I absolutely concur. I'm a saver and have diligently built up significant savings and was going about sorting out a nice retirement plan. All of which is being hammered by the actions taken to save the banks. Even with a balanced portfolio real returns are at best minimal and are trending negative.

****** it I'm buying a BMW m5 and going to Vegas with my mates. The state can ******ing sort it out when I'm skint.

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I absolutely concur. I'm a saver and have diligently built up significant savings and was going about sorting out a nice retirement plan. All of which is being hammered by the actions taken to save the banks. Even with a balanced portfolio real returns are at best minimal and are trending negative.

****** it I'm buying a BMW m5 and going to Vegas with my mates. The state can ******ing sort it out when I'm skint.

Your post accurately describes the individual thinking and behaviour that QE^n is trying to achieve. The part in bold is the unintended consequence.

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Pressures on disposable income have left many Britons unable to build up a savings nest egg and as a result more than a third of people admitting that they would be unable able to cope financially in the event of an emergency.

Imo 80% of adult Britons are financially , politically and economically illiterate so what can we expect ...........

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I had the 3 little Pigs book with this illustration in it when I was a toddler, ladybird I think. That wolf scared the sh1t out of me, used to think he lived under my bed and was going to eat me when I fell asleep :o

That wolf is Mervyn King and the little pigs are all the savers, this being the 21st century no huffing and puffing goes on, instead Merv has a flame thrower and is fully prepared to burn your house made of paper promises to the ground without a care in the world.

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I guess most Britons have correctly surmised that there is little point in saving unless in large amounts. Inflation and effectively negative interest rates is ripping through any accumulated cash - unless you plan to buy something that is depreciating (eg houses or consumer electronics). Most other savings products eg pensions are also a waste of time. Saving for a house - even just a deposit - is a near impossibility over a reasonable time frame on anything like an average income. Lastly, if you are unfortunate enough to be made unemployed, you'll have to live on your savings.

Edited by StainlessSteelCat

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(...)

I've found the original press release: http://www.nsandi.com/media-centre-britons-suffer-savings-cushion-shortage

But I couldn't find the original survey. They used to publish them in a PDF, like this older one: http://www.nsandi.com/files/asset/pdf/savings-survey-autumn-2010.pdf

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Only saving to cover repairs/breakdowns, although inflation eventually will start to erode what I can save plus if inflation is destroying it's value there is no point in saving.

And if people don't save the banks have no capital.... Unless of course the BoE is simply going to invent it out of thin air...

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  • 312 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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