Whatever happened to "saving for a rainy day"?

JaneJudge I must make another batch, so lovely in this warm weather with a glass of wine.
Glad you’re still making them!

I do not think anything has changed much. I was under 30 in the 1960s. I cannot remember having much in savings, nor my friends. Anyway here are the current figures

I used to take 2 shillings to school every week and it would be saved in a Post Office book, I think.
It was impressed on me not to draw it out and I probably added small amounts over the years.

By the time I got married, I had about £300 in the Post Office which came in very useful.

I have never spent in a week more than I earnt if I couldn’t afford I did without. Pay off credit card every month, useful for credit ratings. There were times I was glad I had something to fall back on and used it.

I was always brought up to save and that's something I've stuck too all my life However, my savings took a major hit during covid. As a freelancer, my work abruptly ceased as soon as the first lockdown hit, and for the best part of two years, I was forced to dip into my savings just to survive, as I didn't get a penny of support from the government.
Thankfully I did have those savings to help get me through until I eventually found another part-time job towards the end of last year. I dread to think how those in a similar position, but without any savings to fall back on, ever managed to cope.

my DD is carbon copy of me.

I have been brought up to save, save, save. My dad was a company secretary and my mum was a perfectionist at saving, so when I was on a YOS ( youth opportunity scheme ) after leaving school, I had every penny calculated, from money towards petrol for my dads car as he took me every day to board money to so much to put in my bank, I hadabout £7 left for myself each week and I didn't for 1 minute view this as unfair or anything negative, it instilled into me to pay my way and save, save, save.

Now I have a cushion ( savings ) that I view as sacred haha, NOT to be touched.

I hear alllllll around me OHHHHH SPEND IT, YOU MIGHT BE DEAD TOMORROW, which is true...... BUT.

My friend said to me the other day, "there's no pockets in shrouds" hahaha never heard THAT before.

I think its how we've been brought up, my DD is carom copy of me whereas my son is life live, enjoy.

Who is right and who is wrong?

Sago

I’ve just read back! Yammy we don’t take food support from the food bank we give it!
I am so thankful not to have to worry where the next meal is coming from, I couldn’t take from anyone that needed help.

We do the same and my DD who is on a very tight budget always gives sanitary products she says young girls miss so much school because of having non.
My DD and her husband have an allotment and grow most of their own vegetables.
When I was little the front garden was to look pretty with flowers the back garden was for vegetables and the greenhouse.
My father took great delight in growing courgettes and red peppers for me.
I know a lot of grans do grow their own veg perhaps a lot more people me included should follow their example.

I do not think anything has changed much. I was under 30 in the 1960s. I cannot remember having much in savings, nor my friends. Anyway here are the current figures

Average UK savings by age:
25-34: Between £500 and £5,000
35-44: Between £5,000 and £12,500
45-54: Between £5,000 and £12,500
55-64: Between £12,500 and £25,000
65+: Between £25,000 and £50,000

Amount required in savings to put you in the top 25% of your age group:
25-34: Over £12,500
25-44: Over £25,000
45-54: Over £50,000
55+: Over £100,000

And the top 10%:
25-34: Over £50,000
35+: Over £100,000
occaminvesting.co.uk/average-savings-by-age-in-the-uk-savings-statistics/#savings

Doesn't look too bad to me.

I also remember once having a few luxuries i vowed I wuld never give up. A subscription to the Economist was one. Surprising how quickly this was ditched when the pips really did squeak.

I do not think young people today are any different to us. Just live in a world where things we never thought of are essentiaal and our essentials. Once upon a time an indoor bathroom was considered an unnecessary luzury.

Millie22 We spend with your approach, only live once.

I used to save years ago and also had income from a rented property. Now I'm spending as there is no point in worrying about future years.

My DH was very ill 18 months ago and it really makes you think.

Sago

I’ve just read back! Yammy we don’t take food support from the food bank we give it!
I am so thankful not to have to worry where the next meal is coming from, I couldn’t take from anyone that needed help.

She wasn't saying that anyway. She was saying how/why would people really understand on Gransnet when it seems more an affluent/financially comfortable sort of clientele. Anyway Sago you are the amazing meal maker maybe the food bank could do with your cooking advice I remember when you gave me the recipe for these beauties

I feel like I live on a different planet sometimes! We have no savings, we never have had any and we'rein our late 50'! We brought up 3 children, both of us worked (one still does). We paid our mortgage off with a pension lump sum a few years ago. We supported 2 out of 3 children through university and generally have lived on a normal income. We lost a lot of money in the pandemic - it surprises me that people squirelled away so much. We get by and luckily we're not flashy people.

Most (but not all) food banks need a referral. These can come from a wide range of sources. If you or already getting support then that organisation can usually refer you. As can Gps, schools, health visitors and citizens advice, to name just some. There are also Community Fridges, whose primary aim is to reduce food waste, these have free food for anyone (no need for a referral)

My two both rent, and are both paying back student loans, so buying somewhere of their own is nowhere near as easy as it was for us, even though we bought at a time when prices were rising and interest rates very high.

I don't think it's fair to blame young people for not doing what we did - times are different. I also think that castigating them for buying little luxuries is unfair when they work so hard. We didn't buy fancy coffee* as it wasn't available, and also because saving the £3.50 every day might have moved us closer to the deposit for a house. It would be a drop in the ocean these days, so it's really not comparing like with like.

*insert 'frivolous' spending of choice.

Adelaide66

Private housing is a huge obstacle to saving

We couldn't have saved anything when our DC were young and we had a very large mortgage at 15% interest due to having to relocate to an expensive area for work.

However, Adelaide66, I'm not sure it is the reason now because often repayments on a mortgage are sometimes less or no more than the extortionate rents some younger people have to pay out. Plus they have the insecurity and sometimes the need to find a new home, sometimes at short notice.

I’ve just read back! Yammy we don’t take food support from the food bank we give it!
I am so thankful not to have to worry where the next meal is coming from, I couldn’t take from anyone that needed help.

The food bank we support does not ask questions, no referral is necessary.
I think most of their end users are genuine.

Yammy

No, I don't have anyone in mind. I was just wondering how you are eligible. So many people seem to need them, often people like nurses and teachers and public service workers. Those who work very hard but are finding it difficult to cope who refers them I would hate to have to ask and feel so sorry for them.

Ah, my mistake, sorry.

It was when you said that people on Gransnet use foodbanks but also take foreign holidays and have expensive meals out that I got confused.

And yes, Farzanah, for many people it has been raining for a very long time.

With regards to Food Banks as Doodledog says you have to be referred, but we also have something called a Food Hub, where surplus food which would otherwise be thrown out is collected from supermarkets then sold for small donations at various locations. This removes the stigma because anyone can buy.
The money raised is used for Food Banks.

I’m sure those attending food banks during the last few years would be only too thankful to have enough money to save for a rainy day.

No, I don't have anyone in mind. I was just wondering how you are eligible. So many people seem to need them, often people like nurses and teachers and public service workers. Those who work very hard but are finding it difficult to cope who refers them I would hate to have to ask and feel so sorry for them.

I'm in the same position graandmamadeit, basic state pension and savings, so no handouts.
When I applied for a blue badge with AgeUK I was persuaded to fill in an application for Attendance Allowance but had to tell so many lies and make so many exaggerations I withdrew it

We pay in full on a monthly basis too Summerlove although TBH haven't used a credit card in since December. Credit cards used and managed correctly provide useful information when it comes to one's credit rating.

I’m not sure where you got that those people don’t have savings?

Who are we to decide how their money is divided up?

I don’t think we can accurately say that “the young” aren’t saving and expect handouts.

I don’t share the hatred of many of credit cards either. We put everything on ours, and pay it off in full monthly, almost everyone I know does the same. Credit cards are not inherently bad. But using the way we do we get many perks of free flights

Nobody who takes foreign holidays and has expensive meals out can use a foodbank. You have to be referred by social services or a GP.

Are you thinking of Sago's post where she says she does a foodbank shop each week? Sago will correct me if I'm wrong, but I think that means that she shops for food to give to the foodbank, not that she gets her own food there.

This is that rainy day for many people. Many of my sons friends have families and work really hard but at jobs which don't pay much. They don't have especially nice cars or designer clothes and their holiday this year is camping in the UK. They are just above the level where they can receive benefits but don't have money left over to save.