Six Million Britons have no savings at all

kabayiri

michaels wrote: »

And yet computer monitors have fallen from about £120 to £90 in the last few months...

As soon as I work out how to make computer monitors part of my staple diet I am well sorted then

dzug1

Dave101t wrote: »

its a great time to be a scrounger! (wish i was one, would be so much simpler)

If it's so good what's stopping you becoming one?;)

dave4545454

Dave101t wrote: »

its a great time to be a scrounger! (wish i was one, would be so much simpler)

what's stopping you? grow a pair and do it

Percy1983

Funnily I have had the thought of why do I bother and why not scrounge for a living.

Then I figured why I don't.

1, Moral and social responsiblity
2, Being in control of my own life (as proven the rules can change for scroungers)

geneer

That will be because they're putting all their spare money into overpaying their mortgages.
Which of course they're not.

Loughton_Monkey

Well!

Just splashed a tiny bit of my own savings on a brilliantly hot week away in Cyprus. Now as brown as a berry, but find the Stock Market recovered enough in the week to pay for the holiday 6 times over!

If today's rain were not enough to know I'm back in UK, then the comments on this post are! I think this 'savings disease' is particularly British. Although the frightening figures are no surprise, personally I find the 'reasons' to be a far greater "British Disease" than the act of not saving itself. Yes, of course, for some people [particularly in third-world] savings is extremely hard but no impossible.

To have no savings, but be bitterly disappointed about it and trying to correct it is one thing. I sympathise somewhat. But I have absolutely no sympathy whatsoever [and I suggest no rational person would] with the general 'reasons' that fall into the following types of category:

• High inflation, therefore you might as well spend it.
• Interest rates not good enough.
• That banks screw you.
• It might affect benefits now or later.
• They'll probably tax savings eventually.
• Life's too short. Spend it now and enjoy it.
• I don't earn enough.

This, surely, is very 'Darwinian'? But can any experts who have studied evolution explain which way round it is? Is it the make-up of the brain that produces the above thoughts that causes such people to follow their own logic and end up in poverty? Or is it the the make-up of those who simply cannot understand that saving is essential that causes them to invent such lame excuses?

ceridwen

Well - the high inflation is a valid reason for not saving - and I do worry myself about where to put my savings so that they at least keep their value.

The effect on benefits - well, actually, thats an understandable reason as well. Having been unemployed more than once before now - I am obviously aware that its possible that I might be put in a position again to have to claim benefits and that has influenced my thinking as to how much to have in savings. There has been a bit of "I've got to spend it - to make sure I safely keep it - just in case". Thankfully - I'm now near enough to retirement that I CAN save now and know that I couldnt be means-tested out of much in the way of due Dole Money. So - I'm now taking the risk of getting in as much savings as I can - and am not happy about having such a small "window in time" in which to try and stash away as much savings as I can now that I safely can. I would have much preferred to be able to save a little bit every month for years now - rather than having to go "hell for leather" at it only once I am close to retirement. But - oooh....just forgetting one little thing....it looks clear to me that the Government doesnt actually WANT us to save much. They would rather we spent it all and "kept the wheels of commerce turning". Personally - thats caused me a lot of headaches in recent years as to how to spend in a way thats beneficial to myself in the long-term without "consuming mindlessly because thats what they want me to do".