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Financial wellbeing gap widens as more people can’t save

More than 10.3 million UK adults have less than £100 in savings, with one in 10 admitting to having nothing put aside at all, the latest figures have shown.

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Data from Yorkshire Building Society has highlighted the widening financial wellbeing gap that exists between non savers and those that are able to squirrel money away.

 

The past two years has seen the number of people not saving almost double, with 21% of people not saving anything in 2021 compared with 12% in 2019.

 

There are signs, however, of increased savings activity among those who can as a direct result of the lockdown restrictions. A fifth of UK adults have increased their monthly savings and 17% reduced outstanding debt.

 

The research also found that 22% of people are having sleepless nights due to money worries, while 40% are stressed about their financial situation.

 

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.”

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