New research by StepChange Debt Charity has highlighted the difficulties Brits face when trying to save money.
29% said they had no money to set aside for rainy days in any of the previous 12 months. Unsurprisingly, the research highlighted that those on low incomes struggled more, with 20% saying they couldn’t survive financially for more than a month if their income reduced by a quarter. Even for those who could they could save, 19% said they had just £50 or less to save each month.
The charity is calling for the Government to help lower income households by introducing a precautionary savings element to the auto-enrolment pensions system, and for improvements in the Help to Save scheme, which arrives in 2018 and aims to help boost savings.
At Why Finance Blog we welcome any project that assists people to get into the habit of saving, even if only a little each month. We hope that with our blog, we can help educate and provide a knowledge base that everyday people can tap into to help make savings decisions for themselves.