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Six Million Britons have no savings at all

2456

Comments

  • nearlynew
    nearlynew Posts: 3,800 Forumite
    And the biggest barrier to saving?


    High housing costs obviously.
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    Is there not a 15k limit?


    there is a 15k limit for each 'issue'
    new issues are released at irregular intervals but for people starting with absolutely no savings one might speculate that saving the 15k will take some time, by which time there will be a new issue
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    nearlynew wrote: »
    And the biggest barrier to saving?


    High housing costs obviously.

    Can't be,


    There many on here with six figure deposits.

    Perhaps it encourages it:)
  • nearlynew
    nearlynew Posts: 3,800 Forumite
    Really2 wrote: »

    There many on here with six figure deposits.

    Oh the irony.



    I rest my case.
    "The problem with quotes on the internet is that you never know whether they are genuine or not" -
    Albert Einstein
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I never used to have any savings... in fact, now I don't. I do have my house fund, but that's not savings as such as that's to be spent on a house.
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    Saving is getting harder. Gone are the days you could just pop them into any old account and it would be ok. Most accounts are not really worth it, and it's getting harder to find a good home for savings.... The interest rate does not encourage saving, just the opposite..
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    You need to be on the ball to save these days. Every year, it's find the next account, or move your existing account to another account within exactly the same bank.

    Did it always used to be this way? Dunno how many dormant accounts I now have, and tax certificates are a pain in the rear to keep up with.

    Why can't a bank just have a simple savings account with a half decent interest rate instead of making you chase the "bonuses" every single year!! All with some sort of clause and downfall.

    Nothing to do with the OP really, just a moan :p
  • System
    System Posts: 178,426 Community Admin
    10,000 Posts Photogenic Name Dropper
    I save in my current account.

    !!!!ing about with ISA's for an extra £20 isn't worth my time.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • WillF_2
    WillF_2 Posts: 51 Forumite
    Joeskeppi wrote: »
    I save in my current account.

    !!!!ing about with ISA's for an extra £20 isn't worth my time.

    I guess you've never heard of compound interest.
    They call me Mr Pig!
  • ILW
    ILW Posts: 18,333 Forumite
    WillF wrote: »
    I guess you've never heard of compound interest.

    Interest is only compounded yearly and if the rate is less then inflation your capital will still decrease in value.
    Inflation really is a pain to savers, but hey ho, Merv thinks it's OK.
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