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Scale of workers in UK not saving revealed

27 May 2019

Analysis by Yorkshire Building Society shows the number of people working in the UK and not saving money is enough to fill Wembley Stadium 92 times. [i]

The data shows 8,357,987 (23%) of workers in the country do not save, prompting the Society to encourage them to think about ways to build their financial resilience.

The UK’s saving to income ratio is at its lowest level since 1963[ii] leading to the mutual’s call for more action.

Tanya Jackson, Head of Corporate Affairs at Yorkshire Building Society, said:

“We know saving can be difficult. Everyday challenges and juggling the demands of a busy life can limit how much we put away. But with 23% of workers in the UK not saving at all it is clear this is a wide scale issue.

“Big numbers in isolation can be easy to dismiss but thinking about filling Wembley Stadium, the biggest stadium in the UK, 92 times really brings home how many people are leaving themselves vulnerable to financial shocks by not saving.

 “Over the next five years, we want to help an additional 1.8 million workers who aren’t saving to start putting away money. We want other businesses, Government and non-savers everywhere to join in as increasing the nation’s financial resilience has clear benefits for individuals, employers and the economy.”

Financial resilience

The Yorkshire is urging employers to treat financial well-being on a par with physical and mental well-being and take a greater role in supporting their employees to save.

As well as urging employers to do more, the Society has laid out a range of proposals for Government to support, including funding a regional trial to incentivise workplace saving and implementing financial well-being measures across the civil service.

If you would like more information on how to become financially resilient please visit www.ybs.co.uk/media-centre/getting-britain-saving

Setting savings goals

  • Give your finances the once-over – A good place to start is a thorough review of your regular income and outgoings. What are the essentials and from what’s left is there anything you could cut back?
  • Check your direct debits. Are you still paying for a gym membership you’re no longer using?
  • Regularly review your essential outgoings. Have you compared your utilities prices recently? Maybe you could make savings with the essentials by just switching providers for your gas and electricity or broadband.
  • Get in the habit – try setting up a standing order to a savings account on the same day your salary is paid – it’s easier to save when it’s not in your everyday account.
  • Budget – once you have a clear view of your monthly spending, create a budget that works for you and your family and stick to it.
  • A little saving can make a big difference - Putting something away is better than nothing at all so don’t feel anything is too small.
  • Speak to your employer to see if there’s any workplace initiatives that could help you save or a savings consultant at your bank or building society to see how they can help.

All information correct at time of publication.

W20-19



[i] Survey conducted in August 2018 by market research company Clusters with over 10,053 UK employees in 25 sectors about their attitudes to money and their well-being at work.

[ii] Source: Office of National Statistics, Household Savings Ratio: 3.8% 2018, Q3 compared with 3.6 1963, Q2.

 

 

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