September 27th 2024.
Good morning everyone, and welcome to Metro's money blog. Today, we have some exclusive figures to share with you that may come as a shock. It appears that up to 5.5 million people in Britain do not have any savings as we head into the winter season. This means that if they were to face a financial emergency, they would not have a safety net to fall back on.
According to recent research, around 13% of adults do not have a rainy day fund at all. This is a concerning number, as it means there are a lot of individuals who would struggle financially if they were to experience a household emergency or any other unexpected issue. What's even more alarming is that nearly a quarter of younger homeowners, specifically those aged 25-34, only have around £50 set aside for emergencies.
These findings come from a poll of 2,000 adults conducted by BOXT, an online platform that revolutionizes the way boilers and heating systems are installed. It's no surprise that it's been a tough few years for many, as the cost of living continues to rise. Inflation has driven up energy bills and everyday expenses, leaving many struggling to make ends meet.
However, there are ways for those without a rainy day fund to save money and hopefully start building a nest egg for the future. We will be sharing some helpful tips and tricks in our live blog below, along with the latest updates in finance and retail news. It's important to be prepared for any financial curveballs that may come our way, and we're here to support you in your journey towards financial stability.
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