‘I have saved exactly £0’: how soaring costs have hit Britons’ nest eggs and pensions

Number of individuals who made an unauthorised withdrawal from a Lifetime Isa increased by 139% between 2020/21 and 2023/24. Photograph: Aleksandr Davydov/Alamy

Andrew, a writer in his mid-30s from Essex, would be considered middle class by most, but his financial setup is precarious.

“I have £4k in my savings account, and around £4k in stocks and shares. With a mortgage, childcare fees and other living expenses to cover, our monthly outgoings are always at least £2,800. Our savings would quickly vanish if our household income ceased,” he said.