{"id":42584,"date":"2018-07-27T10:18:42","date_gmt":"2018-07-27T09:18:42","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=42584"},"modified":"2018-07-27T10:18:43","modified_gmt":"2018-07-27T09:18:43","slug":"the-state-of-uk-savings","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2018\/07\/27\/the-state-of-uk-savings\/","title":{"rendered":"The state of UK savings"},"content":{"rendered":"<p>The <a href=\"https:\/\/publications.parliament.uk\/pa\/cm201719\/cmselect\/cmtreasy\/565\/565.pdf\" target=\"_blank\" rel=\"noopener\">Treasury Committee<\/a> has published a new report on savings, pensions and related\u00a0issues. There is much to take issue with in\u00a0it at a theoretical level. But there is much sobering analysis as well. Take this for example:<\/p>\n<blockquote><p>While estimates vary, it appears that millions of UK households do not have [\u00a31,000] of savings, or any savings at all. StepChange estimates that over 7 million households (25 per cent) have savings below \u00a31,000. Meanwhile, the Open University Centre for Public Understanding of Finance (PUFin) cited data showing that a third of households have no savings at all. StepChange\u2019s research indicates that low incomes, living in rented accommodation, having dependent children and being younger, were are all risk factors for having a low level of precautionary savings.<\/p><\/blockquote>\n<p>This is the world the Tories cannot imagine. But is is very real.<\/p>\n<p>As is the movement in the savings ratio, repeated in the report:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2018\/07\/27\/the-state-of-uk-savings\/screen-shot-2018-07-27-at-10-15-58\/\" rel=\"attachment wp-att-42585\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-42585\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2018\/07\/Screen-Shot-2018-07-27-at-10.15.58-550x353.png\" alt=\"\" width=\"550\" height=\"353\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2018\/07\/Screen-Shot-2018-07-27-at-10.15.58-550x353.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2018\/07\/Screen-Shot-2018-07-27-at-10.15.58-468x300.png 468w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2018\/07\/Screen-Shot-2018-07-27-at-10.15.58-768x493.png 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2018\/07\/Screen-Shot-2018-07-27-at-10.15.58-600x385.png 600w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2018\/07\/Screen-Shot-2018-07-27-at-10.15.58.png 1556w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/p>\n<p>The cash data is significant: people are already not making ends meet.<\/p>\n<p>This is an economy in trouble.<\/p>\n<p>This is a nation in trouble.<\/p>\n<p>And it can only get worse right now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Treasury Committee has published a new report on savings, pensions and related\u00a0issues. There is much to take issue with in\u00a0it at a theoretical level.<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2018\/07\/27\/the-state-of-uk-savings\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-42584","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/42584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=42584"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/42584\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=42584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=42584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=42584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}