Millions of Brits have no savings
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- Brits save an average £150 each month – a collective £81.8 billion a year
- But a fifth have no savings at all and 18 per cent save £50 or less
- 53% wish they had received more money advice at a younger age as 78% believe being “good with money” is a learned behaviour
New analysis from Santander UK reveals that 10.3 million Brits (20 per cent) have no savings, leaving them exposed to unexpected expenditure. Although the average Brit saves £150 per month, a collective £81.8 billion a year, almost a fifth (18 per cent) save £50 or less.
The study, which investigates the savings habits of the nation, reveals that 52 per cent of people wish they could save more, on average an additional £388 each month. The most popular way to put money aside is in a savings account (53 per cent) followed by a Cash ISA (27 per cent). However, many Brits overlook investing as a way to manage their money with only one in ten (12 per cent) saying they invest and utilise Stocks and Shares ISAs.
In fact, half ...
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