#Debtline #Debtdebate blog: One in five people admit to having no savings (Scottish Widows Savings Report).
For those who are managing to save, the average amount they hold is £10,200. However, more than half of those surveyed said they were saving less than they did two years ago.
The study of 5,000 adults found that family pressures are continuing to have a big impact on people’s ability to save for the future. Two out of five adults said they had lent ‘a substantial amount’ of money to family members.
Meanwhile, one in four had lent money to their children to cover living expenses, put towards a house deposit or pay off debt.
Lending to family members was found to have a serious effect on parents’ and grandparents’ finances. One in four of them said they were saving less as a result, while one in five had to cut back on day-to-day living costs.
One in four of the 35–44 year olds surveyed had no savings whatsoever. Many of them said this was because they were in debt – the average amount owed being £5,935.
Do you have little or no savings; pay out all your surplus income on debt and borrow to pay for day to day living expenses. Need help and advice contact Twinpier