Many Brits have no savings to fall back on

(3 minutes to read)

Recent findings reveal that the under 25s are the best at putting money away regularly, while the over 55s are worst at planning their personal finances in advance.

Latest research shows that a third (33%) of British adults do not regularly save any money.

The study ‘How Britain Lives’, compiled by Lloyds Bank in partnership with YouGov, also found that seven per cent of UK adults have no savings at all to fall back on if they lost their job.

The 18-24 age group were revealed to be the most dedicated savers. Over three in four (78%) are actively saving money compared to just 67% of all UK adults – with a deposit for a new home or out of fear of losing their job – being the main reasons for doing so.

However, three in ten (29%) 18-24-year olds confess to struggling when it comes to managing their money and the number not planning their finances is in line with the UK average (17%).

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Those nearing or in retirement are least likely to plan their personal finances in advance, with one in five (21%) over 55s admitting to not planning at all. Despite this over half (53%) of over 55s are confident in their ability to manage their money.

Jo Harris, Managing Director at Lloyds Bank, said, “Millions are at risk of not having savings to fall back on should they lose their job or have to stop working. Being prepared for these unexpected circumstances as well as starting to save for the future can sometimes feel daunting, particularly for those on lower incomes unable to put away large sums.

“While it might seem like a slow uphill battle, small savings can really add up and when done regularly over a long period of time it can result in a significant sum. There are tools and accounts available to make saving easier and simple saving tricks will help set yourself up for the future.”

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