Six Million Britons have no savings at all

kataklysm

http://www.dailymail.co.uk/news/article-2009854/Astonishing-SIX-MILLION-Britons-savings-all.html

Wait, what are savings? Or pensions for that matter? :rotfl::rotfl::rotfl:

"Tim Mack, of NS&I, says the six million Britons without a penny for a rainy day should start getting their act together before it's too late.

He says: 'Why not make a packed lunch each day? With the warmer weather approaching why not cut down on the cost of public transport and walk or cycle to work?"

Of course! Now why didn't I think of that? Oh yes, that's right - because it's basically p!!!ing into the wind isn't it?.... ¬____¬

wotsthat

Soaring prices across the country - where the average prices have jumped 5.2 per cent in a year (RPI) - have made it impossible for many families to save and forced others to raid their pots to stay afloat.

Nice reporting by the DM.

...because we all know that before inflation was 5.2% these 6,000,000 people were saving like mad. Not.

Biggest reason for these figures - !!!! poor financial management coupled with an inability to set priorities.

michaels

Really - Bus fare here wqould be £58pm or £698 a year, pcked lunch costing £1 rather than £3 for a bought one would save £400pa - there just saved £1000 in a year - may be nothing to you but it is worth it to the rest of us...

FTBFun

michaels wrote: »

Really - Bus fare here wqould be £58pm or £698 a year, pcked lunch costing £1 rather than £3 for a bought one would save £400pa - there just saved £1000 in a year - may be nothing to you but it is worth it to the rest of us...

That's what I thought. I'm paid fairly well nowadays compared to when I was more junior but still make my own lunch 3/4 times a week.

Really2

eight million financially inactive.

I presume the spare 2 million are the ones who can afford not to work. EG early retirement.

kataklysm

For the record, I (like most) have pinched every penny I have.. although I draw the line at cycling 22 miles to work every day :rotfl:
You can't save what you don't have..

ILW

Not much incentive when you know anything you do save will be virtually halved over 10 years due to current inflation rate. Better to blow it now.

CLAPTON

ILW wrote: »

Not much incentive when you know anything you do save will be virtually halved over 10 years due to current inflation rate. Better to blow it now.

buy indexed linked savings certs

wotsthat

ILW wrote: »

Not much incentive when you know anything you do save will be virtually halved over 10 years due to current inflation rate. Better to blow it now.

If these 6,000,000 are making a conscious decision to blow every penny now because they worry about inflation eroding their savings then it's up to them.

That can't be what's happening though - saving just isn't a priority for them for whatever reason. It sounds like millions of people are setting themselves up for a financial crisis whenever the car breaks down etc. Retirement is hardly going to be a barrel of laughs for them either.

ILW

CLAPTON wrote: »

buy indexed linked savings certs

Is there not a 15k limit?

Generali

ILW wrote: »

Is there not a 15k limit?

You can also buy index linked gilts. About a fifth of UK Government debt is index linked.

If you run up against a problem being able to buy enough of them then you can buy my sympathies!