16m adults in the uk have less than £100 savings

[HawkHybrid]

http://www.bbc.co.uk/news/business-37504449

 

42% of adults in london have less than £100 savings?

are we in a recession? should we question the data

and/or the bbc publishing the data?

 

HH

[watchesandwhisky]

I wonder if that equates to 42% of adults in london are on JSA or homeless, or some form of addict, I really dont understand how you can have less than £100 savings unless you are one of those options..

Quite shocking really.

[Paul]

I'm up north not int he poshest of areas, not London so a little off subject but at my local ATM I use for my day to day withdrawals in my local Co-Op store 

It is in store and not outside boxed in, there are always a dozen or so receipts discarded on the machines top and always take a sneeky glance at what is left & what is visible

I would say around half show as having under £100 credit and many showing as overdrafts being used 

Debt is the same however you parcel it up, the part time hours cleaner paying for her provvy loan for Christmas for making Christmas a little better 

or a £50k per year manager paying over the odds for a brand new Merc to keep up with the jones he really cant afford

Invisible usury shackles keep everyone on the hamster wheel of work and debt servitude.

I'm glad I'm only indebted to ME 

[KDave]

I think people have seen enough quick quid adverts to know that whenever they need money its there ready for only 250000% APR or they can "just put it on the credit card init".

No need for savings when it does not pay to save and money is so cheap. 

[silverin]

1 hour ago, HawkHybrid said:

http://www.bbc.co.uk/news/business-37504449

 

42% of adults in london have less than £100 savings?

are we in a recession? should we question the data

and/or the bbc publishing the data?

 

HH

I am not surprised in the slightest.  We have spend today pay later (or never) culture!

[K_theepan]

1 hour ago, Paul said:

It is in store and not outside boxed in, there are always a dozen or so receipts discarded on the machines top and always take a sneeky glance at what is left & what is visible

I would say around half show as having under £100 credit and many showing as overdrafts being used 

 

You are so right. I own a shop with free atm. every night when we clean up, there are  dozen of receipts flying around .

Most have under £100 in their bank account. I see it on daily basis once they got paid they spend it.

For me as Shop owner are this kind of people our best customer, more wealthier they are , more wisely they spend.

 

[HelpingHands]

I know plenty of people who have more month than money.

[Roy]

At the risk of being accused of heartlessness, I realise my views are more Conservative than most (yes, big C), I say bring on the crash.

Serves you right you fools. Bring on the repossessions, the for sale signs on the driveways, cheap gold for cash. I'm buying!

There'll be some great opportunities out there for those with the readies and the stomach for it.

It's Darwinism at its core. 

[Pipers]

Neo Liberal policies over the last 30 years have brought the population to this point, it is by no mistake people are in debt.  There is one very big problem for the lenders/ policy makers, that being the under 35's who cannot buy a property, have given up trying to buy a property and blow their wages every month.  They live their lives on credit so if the bailiffs come knocking who cares, they own no assets.

One more thing £100 is worth 15% less now than before Bexit!!!   but the lying b-stards on the BBC will keep telling everyone that housing has gone up 0.5% rather than the real story that is your house in real terms is worth less!!!!  

£100 is nothing is it really and not enough to get someone through a few days of unemployment.  We should all blame the idiot Carney he should revalue sterling not devalue we don't manufacture hardly anything anyway.      

[SilverPirate]

It is not what little you earn, it is how much you save.

I saw a thing once on a car park attendant in the states on minimum wage he was minted, spent his life buying coca cola shares and oil shares and the like , slow and steady all his life , respect to him.

A lot of peoples troubles are down to there money mentality, crap wages don't help, but some people are beyond self help they just cant get there head round frugality.

 

[Daz147]

11 hours ago, Roy said:

At the risk of being accused of heartlessness, I realise my views are more Conservative than most (yes, big C), I say bring on the crash.

Serves you right you fools. Bring on the repossessions, the for sale signs on the driveways, cheap gold for cash. I'm buying!

There'll be some great opportunities out there for those with the readies and the stomach for it.

It's Darwinism at its core. 

This is my thinking as well, we have had crap interest on savings for the last 8 years to subsidise "live now pay later". Though not all people with nothing to fall back on are heavily in debt, it's crap wages by employers that have had an endless supply of cheap labour that are to blame.  It's the ones on 50K a year with nothing left in the bank at the end of the month that I have no sympathy for.

 

[KDave]

10 hours ago, Pipers said:

One more thing £100 is worth 15% less now than before Bexit!!!   but the lying b-stards on the BBC will keep telling everyone that housing has gone up 0.5% rather than the real story that is your house in real terms is worth less!!!!  

Spot on. People are waiting for the crash but its already happening. If your currency falls by 10% and your house is still worth the same amount of currency afterwards, guess what, the value of your house has fallen by 10% too. So obvious but people don't connect the dots. Stocks might be going up in currency terms but unless it beats the devaluation of currency then all that is happening is you are losing less than the guy with just cash in the bank, but you both lose. That is the name of the game right now, how to lose less than everyone else. Shiny metals appear to be doing their job at least. 

[Pete]

I don't believe this for a second.
Try walking into a decent restaurant these days without pre-booking.

[fehk2001]

They do accept credit cards and debit card overdrawn isn't ........

I think they mean 100 a week savings??? not overall saving in their bank account

[KDave]

10 hours ago, fehk2001 said:

They do accept credit cards and debit card overdrawn isn't ........

I think they mean 100 a week savings??? not overall saving in their bank account

I think they mean £100 in the bank. Most people are up to their eyeballs in magic debt money which is why they have no savings - there is no point you may as well pay off some debt before saving. It is a sad state of affairs for a nation to be in.

[vand]

When the financial system screws you so that the profligate are rewarded at the expense of the thrifty, when your savings are worth less every year, then it shouldn't be a surprise that nobody bothers to save.

[ikeonet1]

Out of curiosity, doesn't a crash help debtors? Since the real value/cost of debt goes down? Anyone saving loses, but the debtor wins if they purchased an asset vs a liability.