Millions have saving of less than £100
Discussion
http://www.bbc.co.uk/news/business-37504449
That is a genuinely scary statistic.
No wonder Wonga and the like seem to be so busy.
That is a genuinely scary statistic.
No wonder Wonga and the like seem to be so busy.
Devil's advocate mode on...
What do you need savings for?
House deposit? No chance of saving enough for lots of people
Car? PCP/lease it
Lose your job? Government will support you, moreso if you have no savings
Retirement? Government will pay for it
Care home fees? Get the same service if you have savings or not
What do you need savings for?
House deposit? No chance of saving enough for lots of people
Car? PCP/lease it
Lose your job? Government will support you, moreso if you have no savings
Retirement? Government will pay for it
Care home fees? Get the same service if you have savings or not
Four Litre said:
Without doubt we need to hear stories of how 'Ive never had finance / cash is king / I can live for 10 years on my savings / I retired at 18 as I saved so much!' delete as appropriate!
If PH ever needed an anthemhttps://www.youtube.com/watch?v=XzbAEHdy8oU
FunkyNige said:
Devil's advocate mode on...
What do you need savings for?
House deposit? No chance of saving enough for lots of people
Car? PCP/lease it
Lose your job? Government will support you, moreso if you have no savings
Retirement? Government will pay for it
Care home fees? Get the same service if you have savings or not
I have savings and I use them when I want to buy something. What do you need savings for?
House deposit? No chance of saving enough for lots of people
Car? PCP/lease it
Lose your job? Government will support you, moreso if you have no savings
Retirement? Government will pay for it
Care home fees? Get the same service if you have savings or not
Smart people. Doesnt mean they dont have assets that they could sell. Doesnt mean they arent spending and living a good life.
They will be having holidays, looking after their kids and giving them experiences etc.
Ok, maybe you should have more than £100 in savings but with interest rates as they are why bother?
We are following america in this regard.
If you lose your job - benefits system
If you retire - your pension (not classed as savings) and state pension or downsize
If you have an unforeseen expense like new tyres for car then use credit card and spend less next 2 months or ask partner or ask parents or family
If it all goes wrong go bankrupt and start again with a clean sheet.
Far better off with assets over savings
They will be having holidays, looking after their kids and giving them experiences etc.
Ok, maybe you should have more than £100 in savings but with interest rates as they are why bother?
We are following america in this regard.
If you lose your job - benefits system
If you retire - your pension (not classed as savings) and state pension or downsize
If you have an unforeseen expense like new tyres for car then use credit card and spend less next 2 months or ask partner or ask parents or family
If it all goes wrong go bankrupt and start again with a clean sheet.
Far better off with assets over savings
i don't have savings, i have been out of work in the past and took any job. only ever claimed 1 week dole between redundancy in 14 years working. i had a job that basically paid s
t money so changed. i have debts from being very stupid but will be 95 percent paid off next year.
there are a lot of poor people out there and not much chance to better themselves. in my case i have an autoimmune disease which has stopped me making a million like others on ph, which people will find hard to understand.
t money so changed. i have debts from being very stupid but will be 95 percent paid off next year.there are a lot of poor people out there and not much chance to better themselves. in my case i have an autoimmune disease which has stopped me making a million like others on ph, which people will find hard to understand.
Kermit power said:
How does anyone who works manage to have no savings these days? 
If you're young and have mortgaged yourself to the hilt to buy a house, why would you put money in a savings account instead of into the mortgage when the interest rate on the mortgage is probably higher than on the savings account?alock said:
If you're young and have mortgaged yourself to the hilt to buy a house, why would you put money in a savings account instead of into the mortgage when the interest rate on the mortgage is probably higher than on the savings account?
Owning a house costs money in unexpected bills. Savings, or credit card, no problem. It is an asset.I suspect, though, the headline really means, no savings, credit card or other means of easily raising a few hundred quid other than the four figure APR lenders.
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff