Around 1.3 million families across Britain had no savings before the biggest cost-of-living crisis in a generation struck, a think tank has said. In the period running up to the coronavirus pandemic (2018 to 2020), nearly half of families across Britain 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. Molly Broome, economist at the Resolution Foundation, said: “Britain’s huge wealth divides mean that around 1.3 million families – particularly those on low incomes – entered the pandemic without any savings. “Families with no savings are hugely reliant on friends and family to cope with unexpected expenses. “As a result, anxiety levels among families with no savings safety net are far higher than those with savings to fall back on.

Source: The Star July 17, 2022 05:31 UTC