One in five Brits without savings

Nine million people, or one in five UK adults, had no savings in 2013, a YouGov survey for Scottish Widows has revealed.

The survey of 5,000 people found that 67 per cent of UK adults had savings last year, the lowest level since 2011. A further 15 per cent said they didn't know how much they had put aside.

The number of savers dropped in 2013 from 14.8 million in 2012 to 14.4 million. Half of the survey's respondents said they were saving less than they were two years ago.

The report found that family pressures have a big impact on savings :

  • 41 per cent reported lending ‘a substantial amount' of money to family members
  • A quarter of people lent money to their children
  • 17 per cent said they had reduced living costs due to family lending.

David Lascelles, savings expert at Scottish Widows, said:

"It is promising to see that among those who are saving, the amount they have put aside has risen year-on-year.

"However, it is concerning that despite economic improvements, the number of people who are able to set something aside for a rainy day is actually falling. The widening gap in fortunes between savers and non-savers highlights the impact that getting on the path to saving can have, even if it is just by putting aside a small amount every month."