Around 1.3 million families across the UK had no savings before the biggest cost of living crisis in a generation struck, a think tank has said. With no savings buffer to rely on, some will be pinning their hopes on friends or family to bail them out if they have an unexpected bill, while others believe they will simply be unable to cope, according to research from the Resolution Foundation.
The Foundation's third annual wealth audit of Britain, in partnership with the abrdn Financial Fairness Trust, examined how a lack of wealth and high debts can have a major impact on how families are able to cope with the current cost of living.
In the period running up to the coronavirus pandemic (2018 to 2020), nearly half of families across the country had savings worth less than a month's income, while around 4% - 1.3 million families in total - had no savings at all, the Foundation said.
