Six million people have no savings

Six million Britons - 13% of the adult population - have no savings to help them through the recession, according to a new survey of personal finances.

And it found that incomes have become so squeezed that one in three has too little cash to cope with an emergency.

On average people in Britain set aside £100.24, or 8.3%, of their income each month, according to research by state-owned lender NS&I. A quarter expect they will save less during the next three months.

Just 26% of people set themselves a savings goal, with men saving a little more than women in line with earnings.

The most frequent reasons savers cited for doing so were holiday (37%); house (35%); retirement (21%); car (21%) and children (19%).

Back to blog home


All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.

Related articles

Download app
Important Information: Money Dashboard Neon and Classic mobile and web apps are now closed as of 31/10/2023. Please see our FAQs for more information.