Millions with no cash safety net

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One person in five has no savings to fall back on despite signs that the economy is improving, a report has warned.

Some 20 per cent of people surveyed for Scottish Widows’ Savings Report have no safety net for a “rainy day”, marking the highest proportion seen since 2009 – the year the Bank of England slashed the base rate to its current ultra-low levels.

The findings equate to about nine million people across the UK having no money put aside.