"Most only have £500 of savings ",says Lloyds boss ,really ?

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I have 'savings', but they're more 'if I need the money it's there to use'. Even then it's not even a month wage currently.
 
Uther said:
Ask someone on minimum wage who is facing fuel costs of £2 a litre to get to work, their food shop going up 20% and a £3000 plus yearly energy bill how much they can save a month...
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I had savings and reserves, they whittled slowly after 2010, and then whittled much more quickly after 2017 onwards, now they are non existing, and each 6 monthly tax bill becomes harder to service.
 
Uther said:
Ask someone on minimum wage who is facing fuel costs of £2 a litre to get to work, their food shop going up 20% and a £3000 plus yearly energy bill how much they can save a month...
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And those are the very same people being told that they need to pay more green levies and buy a £40K EV to save the planet.
 
Uther said:
Ask someone on minimum wage who is facing fuel costs of £2 a litre to get to work, their food shop going up 20% and a £3000 plus yearly energy bill how much they can save a month...
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Ask myself then ,I'm on £10.50 HR work in Padstow,quite a drive .my boiler uses heating oil
Still nowhere near £500
 
moon man said:
That's because of prudent financial planning and not buying trinkets
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And buying a house for 30 pence up north in the golden years and selling it for so much you could buy a house for cash in Cornwall. That's not a dig btw, just that your circumstances will be a lot different to an awful lot of poor people in this country right now...
 
moon man said:
BBC link
This seems ridiculously low tbh .are things really this bad ? i follow nearly new cars in my old Skoda ,see queues at airports for foreign holidays ,surely they have more buffer money than this ?
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The thing about airports and roads is you don't see the people who can't afford a car at all or the people who've literally never been on a plane. Of course there are millions of people with **** all in the bank. Go to your supermarket and look around. Even better, talk to the staff.

Let alone people talking about the unexpected cost of a new boiler or something... There's a vast chunk of the country who pay their rent and that's about it, no ownership of anything. No car no mortgage no savings. Just work and food.

The first time I had £1000 in the bank outside of a same-day paycheque and rent payment, was momentous. I was almost 30 and it was because I was working 2 jobs and getting student loan payments.
 
Kenai said:
This is exactly the behaviour low interest rates encourage - saving is worthless, buying and borrowing is cheap, so spend what you've got as fast as you can get it.
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It says savings plus current account, so whilst I understand people not transferring money to their savings account, he's also saying people don't have more than £800 in any account
 
krooton said:
And do you have any children? Many people do, and I feel for them, as things are a struggle for us as a child-free household.
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Grown up ,at the time we got tax credits,that was a massive help but we frantically overpaid the mortgage ,kept 1 car for 18 yrs ,lots of holidays but in a seasonal pitch that was £500 a year.ect ect ect
 
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