New report solves the savings puzzle for low-income households
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A new report published today by the Financial Health Exchange, within Toynbee Hall, supported by J.P. Morgan, finds that informal savings techniques help low income households to be financially resilient.
Savings for the Future; Solving the savings puzzle for low-income households, finds evidence for a variety of personal motivations that help low income households to put away small amounts of money, including for rewards like family treats and holidays. Also for less obvious reasons such as having pride in being able to have a savings fund at all, particularly for people who have not always been able to save.
This research helps to dispel the myth that low income households do not have savings methods or personal techniques for financial resilience, but find that these methods are often overpowered by other external pressures like low wages or the rising cost of living.
The research shows that there are six types of saver:
- The spend-saver: saving through careful spending.
- The rewa...
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