The live now, save later generation: Half Yorkshire workers have less than £100 savings

HALF of Yorkshire's workers have less than £100 in savings available, new research has foud

Library picture
Library picture

The county is third in a national table which reveals that more than 16 million people nationally have no savings buffer.

The independent Money Advice Service, which produced the research, said “worryingly low levels of savings” meant many people were vulnerable to unexpected bills that may have serious consequences on their financial stability.

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Nearly three-quarters (71%) of people experience at least one unforeseen expense per year, the MAS added.

It said for low income earners, saving presents a particular challenge.

The MAS suggests people should try to save regularly, even if the amounts are small.

Nick Hill, a money expert at the MAS, said: “These figures show the millions put at risk by the saving gaps in the UK.

“Everyone’s situations and abilities are different, so it’s important to find an approach to saving that’s right for them and their household.

“For some on low incomes, saving is a real challenge as they may simply lack the income needed to save at all.

“But for many, developing a savings habit is very achievable. Regular saving is key to building up that buffer against those life surprises.”

Recent Government changes have taken many people out of paying tax on the interest they earn on their savings altogether - but the savings rates available have continued to decline in the low interest rate environment.

Financial information website says there have been more than 130 rate cuts in this month alone and only around 20 increases across the adult savings account market.

Last month there were 388 rate cuts to adult savings accounts and just three increases across adult savings accounts.