Whatever happened to "saving for a rainy day"?

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)

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.

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 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.

Millie22 We spend with your approach, only live once.

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.

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 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?

my DD is carbon copy of me.

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.

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 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.

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

What are they? They look very moreish

Are they little cheesy bites, Sago? If so I’d like the recipe please!

I've always got a little put aside for a rainy day. It's a lifelong habit.

I don’t want to derail the thread so I will start another.

Not everyone has the privilege of being able to save. Life is very different now.

Who is to say what is luxury and what isn't? For someone I know the gym saves their mental health. Not really a luxury for them.

I just worry about myself. Other people have different circumstances and priorities, reasons for which I may know nothing about.

You have to have spare money to put aside.
If the cost of living is taking more than you have coming in, then there won't be any to put aside.

People keeping their heads above water has taken the place of savings, I think.

There are many families and single people in dire straights. Please remember radio shows are also for entertainment so will pick and choose their callers. Many people are genuinely living hand to mouth and not just those on benefits or with young children. There are millions of low and average paid people, with or without children, struggling now who don’t have “luxuries” to cut back on

Many people can’t even heat and eat , they would probably love to put something away for a ‘rainy day’ , for them it’s pouring at the moment with no help in sight

The concept of saving was drummed into us as children.

Each Friday our parents gave us 6 pence to invest in a passbook at school. When the amount reached £1, it went in the bank.

Though neither my husband nor I have had particularly high salaries, we have always put money aside for emergencies, and knowing we have savings makes the current cost of living crisis less of a problem.

Many people rely on credit for everything, along with it being more expensive, when emergencies occur they haven't the resources to deal with them.

We all need to take responsibilty for ourselves, and try not to rely on others to help.

Whether you have any savings depends on many circumstances. We decided that I should go back to full time work when the youngest DC was 11 to pay for things like holidays, which we had never been able to afford. My H (not DH!) promptly stopped paying for anything! I paid the bills, divorced him 5 years later then had years on my own when saving was impossible. Eventually managed to save a little.

I’ve always saved despite not being a high earner. Apart from my affordable mortgage (now paid) I’ve never had any debt or credit card as my parents always taught me to save up for things. I’m not very materialistic so am content with the basics but with the cost of living and high energy prices my savings will dwindle and I’m frightened of getting into debt. Many define the pensioner poor as those in receipt of Pension Credit which is a passport benefit to other entitlements. If you’re a younger pensioner receiving the new pension you’re above PC limit so end up worse off than manny on the old pension

libra10

The concept of saving was drummed into us as children.

Each Friday our parents gave us 6 pence to invest in a passbook at school. When the amount reached £1, it went in the bank.

Though neither my husband nor I have had particularly high salaries, we have always put money aside for emergencies, and knowing we have savings makes the current cost of living crisis less of a problem.

Many people rely on credit for everything, along with it being more expensive, when emergencies occur they haven't the resources to deal with them.

We all need to take responsibilty for ourselves, and try not to rely on others to help.

Did anyone else have savings stamps, Princess Anne for the girls in pink and Prince Charles for the We went to the PO every Friday, in green? We went to the PO every Friday with 6d (2 1/2 p) then when we were going on holiday we were allowed to draw it out, felt like millionaires!

I think this thread is getting confused, obvioulsy there are too many people whose circumstances don't allow them to save but there are also a lot of people who complain but do spend a lot of money of wasteful things, eating out regularly, coffees to walk round with, expensive phones etc etc.. Like many on here we were paying almost 18% mortgage on our first house and really struggled to pay it, the house had a lot of second hand furniture and even a home-made bed! Surely I'm not the one to have used the Readers' Digest DIY manual.