Frightening stats on the UK savings culture, or perhaps more correctly the lack of a UK savings culture.
A recent study has revealed that almost a third of the population are putting no money at all into savings. The report by the Social Mobility Commission found that 31% of people in Britain have nothing left to save at the end of every month, with 4% saving under £10. Around half save £100 or under, with only 23% saving more than £200. The alarming figures correlate with Prime Minister Theresa May’s focus on helping ‘the JAMs’ – families who are ‘just about managing’. The dismal interest rates of the past few years have also given people little interest to save. Banks and building societies have also been criticised for exploiting savers through the slashing of savings rates following the Bank of England’s decision to reduce the official interest rate from 0.5% to 0.25%.