Saving Money in the UK (or not)

Image result for image of saving money

Hello and hi. How much do you save each month? Not much? Not judging. Much. But seriously, one ought to save money at the end of each month. Look…there goes a unicorn. Recently in the news here, on this not so small island, a report by The Social Mobility Commission, has indicated that more than a third of us here in the UK are not putting money aside. In fact, 31% of Brits have nothing left over at the end of each month. Further, half the population save around £100 or less with less than a quarter putting aside £200 or more. And to make matters worse *facepalm* banks have been accused of exploiting savers/people by slashing interest rates. Terribly naughty.

Britain used to be a nation of savers. Now, not so much. People are spending their money like it is an Olympic sport. I mean, they are even having Black Friday sales here. Please, know that Thanksgiving isn’t even celebrated here-so am not even sure how a Black Friday sale is relevant.

The Social Mobility Commission recently reported that families can no longer afford to put money aside for a rainy day or even save for a holiday or even buying house. Oh you want to buy a house in the UK? I hope you are a Russian oligarch. For real, the housing market is a joke here, although, not a very funny one. That being said, approximately 31% of the population have nothing left to put in the bank at the end of the month. Gasp.

Today, The Social Mobility Commission will launch its annual State of the Nation report. Oh that should be fun. In brief, their report will expose Britain as a country of haves and have nots’. Further the SMC’s findings are in alignment with the analysis of our PM, Theresa May when she became PM in July, and she promised and pledged that the country needed to to do more to help families who are ‘just managing.’ Well yes, I suppose the first step is pointing out the bleedin’ obvious (to be said in a Yorkshire accent) and then actually do something about it.

In addition, people have less incentive to save as they have been plagued by the horrible interest rates in recent years. So banks and building societies (a building society is a financial institution, owned by its members as a mutual organisation-will have banking and financial services-especially savings and mortgage lending) have been accused of exploiting savers by slashing savings rates-since the Bank of England cut the official interest rate in August fro 0.5% to 0.25%. According to recent figures, Brits are saving only 5.1% of their disposable income-compared to 2 years ago when 7.4% was being saved .

So, what is the solution here? I think you already know. Spend less and save more. It can be a challenge, especially with Christmas around the corner. I mean, those Mulberry boots can’t exactly be bought with Monopoly money. Right? Right.

 

Image result for image of mulberry boots

So, happy saving people. You can do it. That is all.

Cheers

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s