Only £500 Savings Says Lloyds Boss

k_man

Do the exact numbers actually matter?
Or is the takeaway that many people don't have much money saved?

Albermarle

k_man said:

Do the exact numbers actually matter?
Or is the takeaway that many people don't have much money saved?

You are right that the exact numbers in fact can not matter, as how they are calculated ( with what assumptions, criteria used etc ) will always be a matter of dispute anyway.

Grumpy_chap

Albermarle said:

k_man said:

Do the exact numbers actually matter?
Or is the takeaway that many people don't have much money saved?

You are right that the exact numbers in fact can not matter, as how they are calculated ( with what assumptions, criteria used etc ) will always be a matter of dispute anyway.

What does matter is whether the conclusion is based upon full or partial data. 
In this case, the data was clearly partial as it was only what can be seen in Lloyds customer consumer bank accounts.

subjecttocontract

Why would anyone in their right mind have more than £500 in a Lloyds account paying such poor interest rates ? The guy is probably right as far as Lloyds accounts are concerned but it's got absolutely nothing to with how much money people have.

I've got quite a few accounts with £500 or less in them......thankfully none of them are with Lloyds bank.

Sea_Shell

subjecttocontract said:

Why would anyone in their right mind have more than £500 in a Lloyds account paying such poor interest rates ? The guy is probably right as far as Lloyds accounts are concerned but it's got absolutely nothing to with how much money people have.

I've got quite a few accounts with £500 or less in them......thankfully none of them are with Lloyds bank.

My thoughts exactly.*    I bet if they'd asked the boss of Chase what their customers had saved with them, on average, the answer would be very different.

As for the average customer at Coutts.....



*Although I do service a Club Lloyds account for the cinema vouchers, having moved my £5000 balance away.   I have an "emergency" £100 in there (in case another card is declined)

Albermarle

A quick google of some similar surveys in the last few years, threw up the following various figures.

No savings at all - 25% /13%/17%/16% 

Less than £500 savings 30% & 20% 

Not being able to last a month, if job/income lost - 26% & 40 % ( a significant proportion were higher earners apparently)

I have no idea how these surveys  were done, or how accurate they are .

According to the ONS the bottom 10% of households have negative asset wealth, and the next 10% zero asset wealth.
As asset wealth includes things like furniture, clothes, vehicles etc. I think it is safe to assume that this bottom 20% ( and probably the next 10% ) have a negative cash/financial  position ( even if they have a few quid in savings)