17 of adults have no savings to cope with rising living costs
Written by First Choice Radio on 7 November 2022
The Money and Pensions Service have released the findings of a survey to mark the start of ‘Talk Money Week’
One in six (17%) adults has no savings, according to research for a Government-backed body.
Nearly one in 10 (9%) people surveyed have £100 or less put by, a survey of 3,000 people for the Money and Pensions Service (MaPS) found.
One in 20 (5%) people surveyed said they have less than £50 in their savings pot and a further 4% have £50 to £100.
The research findings were released to mark Talk Money Week (November 7 to 11).
The service said its findings indicate that around a quarter of adults are living without a financial safety net to cope with the rising cost of living or unexpected bills.
Among the 79% of people surveyed across the UK in September who use credit, more than two-fifths (43%) are now anxious about how much they owe. Over a third (35%) are worried about the number of different products they have.
Around four-fifths (81%) of people avoid discussing their finances, with some saying they do not want to be judged, fear burdening others or would feel too embarrassed.
During Talk Money Week, MaPS is encouraging people to open up about money, plan for their financial future and take free debt advice as soon as they need it.
The organisation says its MoneyHelper service can be people’s first port of call, offering free guidance on topics such as everyday money, savings and where to find free debt advice.
Caroline Siarkiewicz, chief executive of the Money and Pensions Service, said: ”Millions of people find it a challenge to save and this leaves them vulnerable when sudden expenditure items arise. When you add in the anxiety that they feel with their credit commitments, the weight of that worry can quickly become overwhelming.
“This Talk Money Week, we want everyone to start the conversation with family or friends and share the burden of any money worries.
“By dealing with the problem head on, people can discover just how helpful free debt advice can be and see the importance of talking to their creditors early. They can also begin to find a way forward, no matter how difficult their situation might feel.
“Free help and guidance on how to do all of this is available via our MoneyHelper service and I’d urge everyone who needs it to get in touch today.”
Published: by Radio NewsHub