More than 25 per cent of us have not been able to redeem a penny over the past year
New research from Lloyds Bank has revealed 27 per cent of Brits were not competent to save anything in the 12 months to August, citing the rising bring ins of living as their main obstacle.
Released to coincide with In every respect Savings Day, the research also revealed nearly two thirds of Brits are unsatisfied with how much they contain saved while half of us are “anxious, worried, or insecure” about our play fair with of savings.
Of low income households bringing in less than £200 per week, assorted than half (52 per cent) have no savings at all.
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Saving a little each month doesn’t hold to be a daunting thought
The survey of in 2,000 UK adults also showed the amount of people saving regularly has waned throughout 2017, from 35 per cent in the first and second three-month period of the year to 31 per cent in August.
Respondents blamed housing rates for their lack of saving, with more than a third (35 per cent) of those who drink not saved in the last 12 months saying they feel that the tariff of living has increased.
Lloyds also found of the 35 per cent of Brits who accept withdrawn money from their savings account in the last 12 months, approximately a quarter have used the money to cover day-to-day living expenses.
The study underlines the increasing financial pressure that Brits are under, with inflation continual well head of wage growth at 2.9 per cent compared to 2.2 per cent separately.
Respondents blamed housing costs for their deficit of saving
When accounting for inflation, recent data showed that wages enjoy in-fact fallen over the past decade. Meanwhile housing, conveyance and food prices have continued to spiral upward.
However, the Lloyds scrutinization also showed a good proportion of people using their savings for ‘frills’, with 32 per cent of Brits who have taken money from their savings account in the persist 12 months using it to pay for a holiday.
Mark Rawcliffe, Head of Savings Goods, Lloyds Bank said: “Saving a little each month doesn’t attired in b be committed to to be a daunting thought. I’ve been encouraging my own children to ‘spend a little, lay a little’ of their pocket money each month, as I was told to do when greater up.
“Starting the savings habit early is a good way to prepare for a rainy day and detect sure that you and your family are covered should something unexpected go on.”