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Realistbear

Brits Not Saving As Much -- Down A Huge 27%

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http://edinburghnews.scotsman.com/business.cfm?id=642662006

Britons cool toward saving

THE amount of money Britons are saving
fell by 27 per cent in the first three months
of the year, says research.
People saved an average of just £495 each during the three months to the end of March, compared with around £680 in the final quarter of 2005, according to Birmingham Midshires.
Spokesman Jason Robinson said: "The cold weather could account for this disappointing start to the year.
People comfort spend."

This VI property ramper dare not suggest the obvious: people spend less in the shops when they spend more on record mortgage payments, credit card debt, council tax, petrol, gas, electricity, train fares..................................

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Didn't they say a week or so ago that people weren't spending on the high street as they were starting to save again? :unsure:

Is this another scaremongering story for the mpc I wonder?

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Didn't they say a week or so ago that people weren't spending on the high street as they were starting to save again? :unsure:

Is this another scaremongering story for the mpc I wonder?

Possible but higher IR would prompt people to save more. With NuLabour struggling they are going to keep IR where they are until forced to raise them to cover the growing deficits. By then it will probably be too little too late forcing the BoE to speed the process along to play catch up with the rest of the world.

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Guest Charlie The Tramp

Possible but higher IR would prompt people to save more. With NuLabour struggling they are going to keep IR where they are until forced to raise them to cover the growing deficits. By then it will probably be too little too late forcing the BoE to speed the process along to play catch up with the rest of the world.

Isn`t there a global problem with people failing to save for the future and retirement? As the global CBs appear to be heading for their historical neutral rates there could be an incentive to save. ;)

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Isn`t there a global problem with people failing to save for the future and retirement? As the global CBs appear to be heading for their historical neutral rates there could be an incentive to save. ;)

Seem that the euphoria over HPI has caused too many to see their homes as their retirement savings plan. They didn't pay attention to Mervyn's warning that house prices are a matter of opinion whereas debt is real. Sadly , the crash will probably cause more debt than it will savings. For the non-sheeple I think you are right--savings will improve for the minority who got out in time or didn't buy into the bubble in the last 4 years.

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Guest Bart of Darkness

Isn`t there a global problem with people failing to save for the future and retirement? As the global CBs appear to be heading for their historical neutral rates there could be an incentive to save. ;)

There's certainly not much incentive at the moment.

£500 a month average????!!!! Everyone I know is saving NOTHING!!! What a load of cobblers!

Seconded. This average figure must include the Duke of Westminster, Richard Branson and Scrooge McDuck. I know a few people who would like to save but are struggling with debts instead.

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Thats the AVERAGE.

So if Billy Bob Billionaire saves 1,000,000 a week it right-skews the whole thing. I'd like to see a median figure to compare.

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£500 a month average????!!!! Everyone I know is saving NOTHING!!! What a load of cobblers!

could be read as £495 total during the three months not each month,

so more like £165 a month

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could be read as £495 total during the three months not each month,

so more like £165 a month

It does read better using the £165/month 495/quarter figures.

I found this on saving rates, (i know others have posted graphs showing the curves - someone will find it again)

The study reveals three very different levels of savings. "Americans save virtually nothing, the British save 8-10 per cent of their disposable income, while Italians save just below 20 per cent," he points out. US savings rates are low predominantly because of the difference in retirement ages among the countries. The average American tends to work almost six years longer than the average Briton or Italian. As expected lifetimes are almost identical in each of these countries, the average American needs to save less.

<edit: Found the figures on household saving from National stats - graph attached>

UK saving rate is now about 5%

saving.jpg

post-1993-1146332696.jpg

Edited by kinesin

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It does read better using the £165/month 495/quarter figures.

I found this on saving rates, (i know others have posted graphs showing the curves - someone will find it again)

<edit: Found the figures on household saving from National stats - graph attached>

UK saving rate is now about 5%

Looking at that, chart savings rates seem to fall in the lead up to recession.

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Do you think there is a correlation between savings and quality of life? If you have savings you have more choice and freedom to do what you choose, rather than having to work to meet the next credit card payment, you worry less? The economy is managed better? :)

In which case, I might investigate what it's like living in:

Estonia 11.8%

Ireland 18%

Netherlands 12.5%

Austria 11.9%

Sweden 13.7%

Norway 25.6%!!! Wow!

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Bolox. The Telegraph sez house prices are going to double. Ergo, I wil be richer than Branson in 25 years. I do not even need to get in a balloon.

Numpties.

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Interesting to see Economist's "Quality of Life" survey has the highest saving countries at the top of the list (apart from Estonia they might not have surveyed that one). Ireland comes out top, so it's a short hop to a better life, the UK came 29th! EDIT: The difference between the GDP rating and the QofL rating was -16. That is, our GDP was higher rated than our Q of L in other words we have more money but it don't make us happy!

http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf

Edited by Foobar

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Didn't they say a week or so ago that people weren't spending on the high street as they were starting to save again? :unsure:

I'm probably saving a bit less. I've cut my high street spending as much as I can to offset the effect of rising living costs and what I can't offset by cutting high street spending is eating into what I can save.

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Interesting to see Economist's "Quality of Life" survey has the highest saving countries at the top of the list (apart from Estonia they might not have surveyed that one). Ireland comes out top, so it's a short hop to a better life, the UK came 29th! EDIT: The difference between the GDP rating and the QofL rating was -16. That is, our GDP was higher rated than our Q of L in other words we have more money but it don't make us happy!

http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf

Ignore the Economist Quality of Life Survey. I recently spoke to an Irishwoman who said it caused much amusement when published there. The quality of life for ordinary Irish people is pretty poor. Another Economist survey on 'happiness' put the US and Britain near the top.

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Not sure how many people nationally do this but there are a serious number of people "stoozing" on credit cards, eg transferring to a zero % card £3000 then sticking it into a savings account to rack up interest. I've seen people on there talking serious money, eg max'd out on credit cards till they start getting refused new cards.

Now if only 5,000 people (0.008% of uk pop.) were doing this to the tune of £5,000 each it would rack up £25 million of recorded savings. Wonder how much that would affect the figures by.

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  • 302 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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