Closing the Savings Gap

The Money Advice Service (MAS) have released a report revealing that millions of working-age people across the UK are at financial risk due to their low levels of savings. New research published in “Closing the Saving Gap” shows that 4 in 10 (40%, 16.8 million) working-age people across the nation lack a savings buffer, with less than £100 in savings available to them at any time. These worryingly low levels of savings mean that huge numbers of people are vulnerable to unexpected bills or unplanned expenses that may have serious consequences on their financial stability. The critical message coming out of this research is the importance of saving regularly, even if the amounts are small.