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Millions have less than £100 in savings, study finds

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Millions have less than £100 in savings, study finds

More than 16m people in the UK have savings of less than £100, a study by the Money Advice Service (MAS) has found.
In five areas of the country, more than half the adult population has savings below that level.


Those areas are Northern Ireland, the West Midlands, Yorkshire and Humber, North East England and Wales.
The MAS said the findings were worrying and presented a particular challenge for low earners.


"These figures show the millions put at risk by the saving gaps in the UK," said Nick Hill, money expert at the service.
"For some on low incomes, saving is a real challenge as they may simply lack the income needed to save at all."


The research was carried out for MAS by the consumer data company CACI.

.........

http://www.bbc.co.uk/news/business-37504449

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My cousin has savings of £180k,nothing in the bank,but thats how much the government will be giving her in tax credits and housing benefit over the next 10 years.Why would she want to stay in one night on a weekend and save anything?

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20 minutes ago, durhamborn said:

My cousin has savings of £180k,nothing in the bank,but thats how much the government will be giving her in tax credits and housing benefit over the next 10 years.Why would she want to stay in one night on a weekend and save anything?

As the Governent advert says it's yours, make sure you claim it. There is a magic money tree that provides for the welfare lifers and nobody that works and wholey  supports themselves should be inconvenienced.

Edited by crashmonitor

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I look around me and I see nothing but big fancy new cars.

Everyone is dressed in the best designer clobber

The super markets are packed.

As far as I can tell everyone is rich.

I feel poor with my X million in the bank.

Why is that ?

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15 minutes ago, crashmonitor said:

As the Governent advert says it's yours, make sure you claim it. There is a magic money tree that provides for the welfare lifers and nobody that works and wholey  supports themselves should be inconvenienced.

I'm not sure what this has to do with tax credits. They're more indicative of low wages and may even encourage people to save, who knows?  It might be worth indicating which type of tax credit you're objecting to when you say that 'nobody works' as many people on tax credit do work. You know, that's why they call it 'working tax credit'....

Edited by spacedin

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We've just spend around £40k on an extension. At the same time my vastly better paid brother and sister in law are having a similar extension built. Theirs costs twice as much they are having to borrow every penny and more whilst we are paying it out of savings. I genuinely don't know how they don't have any money. They must take home 2x if not 3x as much as us each month yet seem unable to actually put any money aside for anything!

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1 hour ago, Timak said:

They must take home 2x if not 3x as much as us each month yet seem unable to actually put any money aside for anything!

 

I know people like that. They have lots of weekends away and longer holidays cos they hate their jobs. But need the jobs to pay for the holidays.. 

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Tell people you'll take their benefits away if they build up savings and guess what happens?

Yet another example where a basic income would clear up insane incentive distortions created by means tested benefits.

Edited by Dorkins

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1 hour ago, Timak said:

We've just spend around £40k on an extension. At the same time my vastly better paid brother and sister in law are having a similar extension built. Theirs costs twice as much they are having to borrow every penny and more whilst we are paying it out of savings. I genuinely don't know how they don't have any money. They must take home 2x if not 3x as much as us each month yet seem unable to actually put any money aside for anything!

Compound interest

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3 hours ago, Bruce Banner said:

Sounds low to me, I wonder if it takes mortgage debt into account.

If you do that, you then should take in to account the "value" of the property. If you are including savings you can't access you should probably throw in the value of any pensions as well.

 

Like others have said £100 ins't really enough to be considered as a savings pot.

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13 minutes ago, Squeeky said:

If you do that, you then should take in to account the "value" of the property. If you are including savings you can't access you should probably throw in the value of any pensions as well.

 

Like others have said £100 ins't really enough to be considered as a savings pot.

The have no savings pot.

 

They have no pot...to p*ss in.

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3 hours ago, TheCountOfNowhere said:

I look around me and I see nothing but big fancy new cars.

Everyone is dressed in the best designer clobber

The super markets are packed.

As far as I can tell everyone is rich.

I feel poor with my X million in the bank.

Why is that ?

 

It's HPI madness and greed Count. 

Madnessss.  Allowed myself 20 mins in video-shop allowing my own madness (and sadness) run away with me... reason after reason. 

Too many HPI mad reasons.

I bet this £100 story is simply to make all the mad-gainz feel extra smug. 
 

 

Edited by Venger

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Quote

It's HPI madness and greed Count. 

Madnessss.  Allowed myself 20 mins in video-shop allowing my own madness (and sadness) run away with me... reason after reason. 

Too many HPI mad reasons.

I bet this £100 story is simply to make all the mad-gainz feel extra smug. 

Hey Venger, good to hear from you.  Have you been busy lately ?

As my twitter feed suggests, it's a mania, like the tulips and the railways before it and it will end.

I feel that madness and sadness every day at the mo.  I look at the prices, then at the people who think they are winning, then at the losers ( us :lol: )....and I think, we've all lost, the rich and powerful have f**ked us all right over,  No one will ultimately win out of HPI/HPC except them that have always won, the land thiefs, the evil vile murderous elite who stole the land and set the rule and their bankers of course.  Society is worse for this mania,  Individuals are worse for it, I have witnessed something remarkable over 20 years now, sane decent hard working people turning into mindless idiots hell bent on getting everything for nothing and living off others.  Some people migth think the HPI brought them some/much joy but that is probably short lived, at some point reality will strike, maybe the day their wive leaves them or they loose their job, or they try to sell when the crash comes, there is no joy in greed. Sure the poor can MEW and buy a new car on finance or a holiday to a place filled with people like them, but is that happiness...no I dont think so. It's pluning them further and further into the pockets of the bankers and the elite.  I think I know what happiness is now, freedom from the shackles of financial servitutde.  I know what love is for sure, my children and I will not sell them down the river to support the c**ts in London.  I truly despair every day now for the greed and stuipidity of the UK people and society, if HPI/BLT/Bank Bailouts/QE is a demonstration of modern day society and where we are headed then modern day society is in real trouble. War, I suspect, is the bankers ultimate game, how many dies before people turn against them is anyones guess.  

 

 

 

 

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4 hours ago, TheCountOfNowhere said:

I look around me and I see nothing but big fancy new cars.

Everyone is dressed in the best designer clobber

The super markets are packed.

As far as I can tell everyone is rich.

I feel poor with my X million in the bank.

Why is that ?

The average UK adult has 30k of debt (including mortgages).

Source: http://themoneycharity.org.uk/money-statistics/

Anyone has a graph or table showing average debt split by age groups?

Edited by DrMartinSanchez

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5 hours ago, TheCountOfNowhere said:

I look around me and I see nothing but big fancy new cars.

Everyone is dressed in the best designer clobber

The super markets are packed.

As far as I can tell everyone is rich.

I feel poor with my X million in the bank.

Why is that ?

Yes everyone *looks* rich, but as the old saying goes, fur coat and no nickers. All on tick. I'm happy with my money in the bank and eight year old car, no debt 

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50 minutes ago, TheCountOfNowhere said:

...Some people migth think the HPI brought them some/much joy but that is probably short lived, at some point reality will strike, maybe the day their wive leaves them or they loose their job, or they try to sell when the crash comes, there is no joy in greed. Sure the poor can MEW and buy a new car on finance or a holiday to a place filled with people like them, but is that happiness...no I dont think so. It's pluning them further and further into the pockets of the bankers and the elite.  I think I know what happiness is now, freedom from the shackles of financial servitutde.  I know what love is for sure, my children and I will not sell them down the river to support the c**ts in London.  I truly despair every day now for the greed and stuipidity of the UK people and society, if HPI/BLT/Bank Bailouts/QE is a demonstration of modern day society and where we are headed then modern day society is in real trouble. War, I suspect, is the bankers ultimate game, how many dies before people turn against them is anyones guess. 

Yes, I've got my peace, as you have yours.*  Money doesn't buy happiness.. (awful story today about that in DM, with rich £2m homeowners... but it's too awful for me to post on HPC.. even in current-affairs section) although money still important.  Not going to use my savings against house purchase at these prices, and I suspect you're the same.  And reasons for future hope with SDLT hike on BTL/2nd homes, and S24 + more.

*

Quote

If—
By Rudyard Kipling

Yours is the Earth and everything that’s in it,   
And—which is more—you’ll be a Man, my son!

(The MSE screenshot from their MSE forum, in my vid was amusing - didn't mind that at all.... 3 HPCers... hehe).  

I am frustrated though, and not particularly for myself, but for younger people who who are not willing to embrace the debt others want them to take out, to pay mad house prices - although others willingly do pay ever higher prices or else we would have a HPC. 

It's not all the bankers though.  They're just a reflection and there's £Trillions in equity on owner side.  No one forcing anyone to buy, to keep holding, to have gone into BTL etc.

I voted crash-ahead in your TPTB thread.

Edited by Venger

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I see nearly 60% of people in Northern Ireland have less than £100 savings. I am not at all surprised, it's practically a borderline developing country here. I would say there's a decent percentage of adults whose iphone would be their most expensive possession. 

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My savings account has £1.00 in it. I never really earned enough to save. Any extra money I get now tends to get invested into my business.

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4 hours ago, Venger said:

I am frustrated though, and not particularly for myself, but for younger people who who are not willing to embrace the debt others want them to take out, to pay mad house prices - although others willingly do pay ever higher prices or else we would have a HPC. 

As much as I dislike hipsters I hope they continue to ride their cheap fixie bikes and work easy low paid untaxed coffee shop jobs while living in HMOs and having a content debt free life. Starve the debt beast of people paying £300 a month for a new car and taking on £400k starter home mortgages and hopefully the system will finally collapse.

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