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  • FIRST POST
    Money Advice Service
    If you were to lose your job tomorrow, how long would your savings last you?
    • #1
    • 9th Nov 18, 12:38 PM
    If you were to lose your job tomorrow, how long would your savings last you? 9th Nov 18 at 12:38 PM
    Does it worry you?

    #TalkMoney

    This thread is part of a Hub post aimed at helping people new to personal finance start a conversation on it. It’s aimed at newbies, so please be patient with anyone posting on here.

    We’re verified representatives of the Money Advice Service, working with MoneySavingExpert on a Hub and series of posts as part of Talk Money Week to encourage people new to personal finance to discuss money. If you have any questions please ask below or get in touch with a member of the Forum Team.

    We'd love it if you got involved with our other #TalkMoney week conversations we've started. Check out our hub with all the links - https://forums.moneysavingexpert.com/showthread.php?t=5921799
    Last edited by Money Advice Service; 12-11-2018 at 3:00 PM. Reason: More info
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Page 1
    • TBC15
    • By TBC15 9th Nov 18, 1:17 PM
    • 623 Posts
    • 314 Thanks
    TBC15
    • #2
    • 9th Nov 18, 1:17 PM
    • #2
    • 9th Nov 18, 1:17 PM
    I’ve planed for……….Forever. Yes it worries me.
    • Thrugelmir
    • By Thrugelmir 9th Nov 18, 1:22 PM
    • 61,016 Posts
    • 54,213 Thanks
    Thrugelmir
    • #3
    • 9th Nov 18, 1:22 PM
    • #3
    • 9th Nov 18, 1:22 PM
    A very broad question that has a multitude of answers. Perhaps better asked in the form of a questionnaire.

    Personally no worries. Though hasn't always been the case.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Glen Clark
    • By Glen Clark 9th Nov 18, 1:30 PM
    • 4,273 Posts
    • 3,291 Thanks
    Glen Clark
    • #4
    • 9th Nov 18, 1:30 PM
    • #4
    • 9th Nov 18, 1:30 PM
    Sound like going to Church and asking what percentage of people believe in God
    Hardly likely to get a representative sample of people's level of savings on a Savings & Investment forum.
    Is this some kind of political propoganda to show how well the average person is doing?
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • Money Advice Service
    • #5
    • 9th Nov 18, 1:54 PM
    • #5
    • 9th Nov 18, 1:54 PM
    Hey there, thanks for pointing out the typo - fixed it.
    Verified Company
    I am a verified representative of Money Advice Service. MSE has given permission for me to post in response to queries about the company so that I can help solve issues. You can see my name on the Verified Companies list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE.
    • MSE Andrea
    • By MSE Andrea 9th Nov 18, 2:15 PM
    • 9,258 Posts
    • 22,115 Thanks
    MSE Andrea
    • #6
    • 9th Nov 18, 2:15 PM
    • #6
    • 9th Nov 18, 2:15 PM
    Hi folks

    These threads are genuine.

    We're working with the Money Advice Service on its Talk Money week next week.

    Money Advice Service will be posting a series of threads which will be linked to from a dedicated forum hub.

    The hub will be included in next week's weekly email.

    Please never use the spam button on a thread stared by a verified company.

    Thank you
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    • Alice Holt
    • By Alice Holt 9th Nov 18, 2:55 PM
    • 2,546 Posts
    • 2,945 Thanks
    Alice Holt
    • #7
    • 9th Nov 18, 2:55 PM
    • #7
    • 9th Nov 18, 2:55 PM
    30 plus years.

    No.

    Doubt that the responses on this forum would represent society as a whole.
    Most forumites on here seem very knowledgeable about personal finance, and I imagine many have accumulated savings / investments / pensions over the decades. The quality of debate on here is high, suggesting to me that forumites are well educated, and therefore may be likely to have (or had) better than average salaries (thus enabling them to make provision for future years)

    PS, I would have thought some context to why the question was asked would have been helpful, not sure how useful responses would be to MAS without an indication of the age group of the responder.
    Last edited by Alice Holt; 09-11-2018 at 3:02 PM.
    Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.
    • Exodi
    • By Exodi 9th Nov 18, 3:07 PM
    • 45 Posts
    • 39 Thanks
    Exodi
    • #8
    • 9th Nov 18, 3:07 PM
    • #8
    • 9th Nov 18, 3:07 PM
    Probably two years, I'm only 27 though so I don't feel too bad about it.
    • MaxiRobriguez
    • By MaxiRobriguez 9th Nov 18, 3:12 PM
    • 41 Posts
    • 30 Thanks
    MaxiRobriguez
    • #9
    • 9th Nov 18, 3:12 PM
    • #9
    • 9th Nov 18, 3:12 PM
    About five seconds if coming out of my savings/emergency fund.

    But I'd be due a five figure redundancy payout and I could dip into offset mortgage bank, so I'm not too worried.

    My emergency fund wouldn't be knackered if the wife to be would stop spending on additional crap for our wedidng.
    • Thrugelmir
    • By Thrugelmir 9th Nov 18, 3:17 PM
    • 61,016 Posts
    • 54,213 Thanks
    Thrugelmir
    and therefore may be likely to have (or had) better than average salaries (thus enabling them to make provision for future years)
    Originally posted by Alice Holt
    Or a different upbringing. Brought up to save by default. Was my father that told me to start a pension immediately I started work. That's was £10 per month over 4 decades ago. (Now it's a must have mobile phone). Much sage advice has been lost in the mists of time. As marketing has encouraged people to act in a far less frugal manner.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • TBC15
    • By TBC15 9th Nov 18, 3:22 PM
    • 623 Posts
    • 314 Thanks
    TBC15
    About five seconds if coming out of my savings/emergency fund.

    But I'd be due a five figure redundancy payout and I could dip into offset mortgage bank, so I'm not too worried.

    My emergency fund wouldn't be knackered if the wife to be would stop spending on additional crap for our wedidng.
    Originally posted by MaxiRobriguez
    Just jot the costs down and remind her this was her day when it comes to splitting assets.
    • karlie88
    • By karlie88 9th Nov 18, 3:43 PM
    • 8,647 Posts
    • 107,314 Thanks
    karlie88
    Around 630,726,057.14 seconds (to the nearest hundredth of a second).
    Official MSE canny forumite and HUKD VIP badge member
    • Rheumatoid
    • By Rheumatoid 9th Nov 18, 3:59 PM
    • 463 Posts
    • 1,241 Thanks
    Rheumatoid
    Hi folks

    These threads are genuine.

    We're working with the Money Advice Service on its Talk Money week next week.

    Money Advice Service will be posting a series of threads which will be linked to from a dedicated forum hub.

    The hub will be included in next week's weekly email.

    Please never use the spam button on a thread stared by a verified company.

    Thank you
    Originally posted by MSE Andrea
    and on what grounds did you delete my post?
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme)
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    • worried jim
    • By worried jim 9th Nov 18, 4:05 PM
    • 9,652 Posts
    • 14,861 Thanks
    worried jim
    If I get made redundant (very likely in the next few years) then about three years in the UK- a lot longer if I sell up and move abroad, could effectively retire mid 40's. Or I could move back oop north and go on the bennies and not have to work much in the future.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • Herbalus
    • By Herbalus 9th Nov 18, 4:09 PM
    • 2,141 Posts
    • 1,780 Thanks
    Herbalus
    Or a different upbringing. Brought up to save by default. Was my father that told me to start a pension immediately I started work. That's was £10 per month over 4 decades ago. (Now it's a must have mobile phone). Much sage advice has been lost in the mists of time. As marketing has encouraged people to act in a far less frugal manner.
    Originally posted by Thrugelmir
    You could be right in general, but there are still plenty of “youth” who know how to save. My pension pot since graduation is now near the equivalent of a years salary after 4 years.
    • Malthusian
    • By Malthusian 9th Nov 18, 4:10 PM
    • 4,908 Posts
    • 7,906 Thanks
    Malthusian
    Please never use the spam button on a thread stared by a verified company.
    Originally posted by MSE Andrea
    This instruction not to stuff beans up my nose just makes me want to push the button. And this thread wasn't even a solicitation to join a pyramid scheme.

    As for the question raised by the topic: forever, because I would get another job before they ran out.
    • comeandgo
    • By comeandgo 9th Nov 18, 4:10 PM
    • 2,251 Posts
    • 3,055 Thanks
    comeandgo
    Enough to keep me in comfort until my private pension starts.
    • badger09
    • By badger09 9th Nov 18, 4:24 PM
    • 6,378 Posts
    • 5,786 Thanks
    badger09
    Why on earth has my post, made before there were any replies on this thread, been deleted?

    It was acknowledged by OP @ 1.54 and was a perfectly polite post.

    Removal of posts by is becoming increasingly common, and IMHO, does nothing to improve the usefulness of MSE's fora
    • Zanderman
    • By Zanderman 9th Nov 18, 5:25 PM
    • 1,860 Posts
    • 4,560 Thanks
    Zanderman
    and on what grounds did you delete my post?
    Originally posted by Rheumatoid
    Why on earth has my post, made before there were any replies on this thread, been deleted?

    It was acknowledged by OP @ 1.54 and was a perfectly polite post.

    Removal of posts by is becoming increasingly common, and IMHO, does nothing to improve the usefulness of MSE's fora
    Originally posted by badger09
    Mine has gone too, ironically just as I was editing it to make it clear that my original assumption, based on the original opening post's style, was incorrect and welcoming the clarification, which several of us had suggested. But no, the post was deleted and, I note, we (I certainly) got no thanks for the suggested clarifications despite them being implemented. Ho hum!
    • Zanderman
    • By Zanderman 9th Nov 18, 5:32 PM
    • 1,860 Posts
    • 4,560 Thanks
    Zanderman
    And, on topic properly now, I resigned from my 'proper' job 12 years ago and I'm still surviving.

    Never on savings though - I went out and found new ways to earn via what I think is known as a portfolio career; lots of little jobs, small businesses, a small pension and self-employment. Keeps me reasonably well-nourished.

    I'm unlikely to lose all of those 'tomorrow' but, if I did, I could probably survive several years on savings. By which time the state pension would (almost) have kicked in so I still wouldn't be entirely penniless.
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