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Gocompare Survey - 60% have under £1000 Savings?
jimjames
Posts: 18,193 Forumite
GoCompare released details of a survey that 60% of Britons have under £1000 saved and 25% have nothing at all. I assume that 25% is included in the 60% and it isn't 85% total.
Still pretty shocking and brings a bit of reality to some of the discussions on here and assumptions that everyone has tens of thousands available savings. For example why are MSE talking about ISAs at all when 60% of people would be far, far better off using a current account.
Interest rates may be low but you can still get 5% on that £1000 and even get 12.5% if you transfer the money between Halifax and TSB accounts each month. That's £125 return per year on £1000. Low interest rates isn't an excuse not to save!
Still pretty shocking and brings a bit of reality to some of the discussions on here and assumptions that everyone has tens of thousands available savings. For example why are MSE talking about ISAs at all when 60% of people would be far, far better off using a current account.
Interest rates may be low but you can still get 5% on that £1000 and even get 12.5% if you transfer the money between Halifax and TSB accounts each month. That's £125 return per year on £1000. Low interest rates isn't an excuse not to save!
Remember the saying: if it looks too good to be true it almost certainly is.
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Reality indeed for a lot of people these days, funny how it rarely gets highlighted in the papers or on the news though.
So where is all the nations wealth?0 -
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Also, the average pension pot is circa £36-40k, that is scary when it's your top-up on your pension for potentially 30 years.
If the average is £40k then that means a significant number will be under that amount.0 -
Where can you get that 5% on £1000?GoCompare released details of a survey that 60% of Britons have under £1000 saved and 25% have nothing at all. I assume that 25% is included in the 60% and it isn't 85% total.
Still pretty shocking and brings a bit of reality to some of the discussions on here and assumptions that everyone has tens of thousands available savings. For example why are MSE talking about ISAs at all when 60% of people would be far, far better off using a current account.
Interest rates may be low but you can still get 5% on that £1000 and even get 12.5% if you transfer the money between Halifax and TSB accounts each month. That's £125 return per year on £1000. Low interest rates isn't an excuse not to save!0 -
Both the TSB Classic Plus account (of which you can have up to two single accounts and two joint accounts) and the Nationwide Flexdirect account (of which you can have both a single account and a joint account) would pay 5% on double that amount of balance.Where can you get that 5% on £1000?
Same answer you got on your 'where to invest' thread.0 -
So where is all the nations wealth?
Much of the nation's wealth is the hands of those who've studied hard, worked hard, and who have then invested a decent percentage of their income in assets that in themselves produce further income.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
More specifically in the land that the property stands on, since building costs haven't increased that much. We have a rapidly increasing population, coupled with incredibly restrictive planning constraints. The usual rules of supply and demand apply.Thrugelmir wrote: »In property.
Of course its the same land we have always had. But the price has been manipulated by restricting planning permission, and borrowing/printing £billions to throw at it.
Britains wealth has not increased, indeed the amount of debt and deficit is at a record high.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
So they tell us, but the fact remains that most of the wealth in Britain has been quietly inherited from people who stole it centuries ago.gadgetmind wrote: »Much of the nation's wealth is the hands of those who've studied hard, worked hard, and who have then invested a decent percentage of their income in assets that in themselves produce further income.
(This process would have been accelerated if the Liberals had not blocked the Tories plans to abolish Inheritance tax)
I guess you have a few £million which you have earned and then been lucky with investments? But I am talking about the seriously wealthy, Royalty, Duke of Westminster, etc Thats where most of the wealth is.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Also, the average pension pot is circa £36-40k, that is scary when it's your top-up on your pension for potentially 30 years.
If the average is £40k then that means a significant number will be under that amount.
really? is that it? £40k - and thats the average???
wow. I'm really shocked at that.0 -
Glen_Clark wrote: »But I am talking about the seriously wealthy, Royalty, Duke of Westminster, etc Thats where most of the wealth is.
Is it? What percentage of the nation's wealth do you think is with the "seriously wealthy"?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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