According to Yorkshire Building Society around one in five Brits have less than £100 in savings despite working.
These shocking facts indicates that there is a widening gap in the UK’s financial wellbeing, whilst 20% have wisely increased their monthly savings throughout the pandemic.
The Building Society also found that 21% of people are not saving anything, compared to 2019 when this was just 12%.
13% of Brits have nothing to fall back on should things get difficult and just over a quarter of adults have less than £500 tucked away.
Tina Hughes, director of savings at Yorkshire Building Society said, “Our new research continues to highlight just how fragile many people’s finances are with the shocking figure that nearly a fifth of all UK adults have less than £100 in savings.
“It also shows the further widening of the financial wellbeing gap in the UK.
“While we know it can be hard for people to put money away, especially with rising living costs and in a low interest environment, we mustn’t overlook the impact saving has on people’s financial and mental wellbeing.”
Hughes added, “Now more than ever, with current and potential future economic uncertainty, it’s important for people to try and build their financial resilience and for us as a society to help people to save.
“Money worries can make people anxious, so we want them to know they don’t have to suffer in silence and we’re here to help them manage their money during difficult times.”