More than a third (36%) of savers say they are relying on their savings to get them through the cost-of-living crisis, according to the Building Societies Association (BSA). However, one in seven (13%) people say they have no savings at all, while a third (33%) say if they lost their income they would not have enough savings to cover their living costs for a month.
The research was released to mark the launch of UK Savings Week, which runs from September 26 to October 2. This is the first year of the campaign, which follows a collaboration involving credit unions, building societies and other providers, consumer groups and debt charities.
The survey of 2,000 people was carried out in August, before Friday’s mini-budget during which various tax cuts were announced, on top of the energy price guarantee which will put limits on what households pay for their gas and electric. More than half (55%) say they have reduced the amount they used to save and more than a third (35%) have stopped saving altogether as a result of the cost-of-living crisis.
