Tough times lie ahead (Picture: Getty Images)
A shocking new study has found Brits are saving very little, if at all, at the moment.
Due to the cost of living crisis, extremely high inflation, and soaring energy bills, people are struggling to put money aside into savings.
The research, carried out by Money.co.uk, found 23% of those surveyed are dipping into their savings at least once every one to three months.
And this statistic may rise even more over the coming cold months – as people turn their heating on more regularly.
In terms of the age group break-down, the 45-54 bracket were most likely to have no savings at all, followed by 35-44 and 55-65.
But for those who do have savings, it’s not much to brag about – as a third of 18-24-year-olds have savings of less than £1,000.
Those aged 25-34 were most likely to have £5,001 to £10,000 saved, and over 65s had more than £20,000 in the bank overall.
It’s also clear that people are trying to save, but are struggling – as nearly a third are only able to put away less than £100 each month.
Likewise, a quarter say they put away between £100 and £200 every month, meaning more than half of the population are saving less than £200 per month.
Just 8% are able to save more than £500 – making this a clear minority.
The Office for National Statistics previously estimated British people save 8% of their earnings each month – but this is less likely now amid financial anxiety and crippling price hikes.
In fact, according to the research, around a quarter say they currently save between 1-5% of their monthly income, while another quarter aim for 6-10%.
Many others ‘aren’t sure’ of what they’re saving, revealing just how disempowered people feel with their money right now.
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Around a quarter say they currently save between 1-5% of their monthly income.Â
