Research shows that “further widening the gap in UK financial well-being.”
Nearly a fifth of adults have less than 100 pounds in savings, research has revealed.
Indications that financial inequality may be growing are increasing, almost the same percentage of people are increasing the amount they save each month during the pandemic.
– Advertising –
The Yorkshire Building Society conducted a survey, where 19% of adults saved less than £100, while 21% of people had no savings at all.
13% of people have their names set to zero, and over 26% have saved under £500.
Meanwhile, 17% of those involved in the survey said they were able to lower their debt levels during the pandemic.
Tina Hughes, savings director for the Yorkshire Building Society, said:
“It also shows a further growing gap in the UK’s financial well-being. We know that it’s difficult for people to pay, especially in rising costs of living and low interest rate environments, but savings are the financial aspects of people. and don’t overlook the impact it has on mental health.”
People’s financial situations often have a direct impact on their mental health. Because 22% report sleep disorders due to the fact that they are worried about money.
Hughes added: “More than ever, current and potential future economic uncertainties make it important for us as a society that helps people build their own financial resilience and helps them save.
“I want them to know that they don’t need to suffer in silence, as money worries can make people feel uneasy. We want them to manage their money during difficult times. I’m here to help.”
Baby Boomers and XER XERS have given families £8.2 billion during the pandemic, with 25% of people over 50 giving each an average of £1,300 loans.
More than half of their parents and grandparents attacked their savings according to a separate investigation.
