Whatever happened to "saving for a rainy day"?

Interest rates have been so low that for many people saving has seemed a waste of time. On the other side, mortgage rates have been so low for so long that many better off homeowners have moved to bigger houses rather than saving any surplus income.
I think that higher mortgage payments will hit many people hard, with little capital to release to help and no extra left for saving.
I'm sure that many of you remember when mortgage rates were really high and people didn't take out bigger mortgages than they absolutely had to.
The concept of saving is totally alien to three of my four children, though one of them is self-employed and knows to keep a "buffer" for lean times.

I was late to start saving but about 15yrs ago. I just went back to work after being on holiday to going into liquidation. Suddenly finding out that my monthly wages wouldn’t be there and Christmas round corner. It was very hard and tight for a while. Once got back to work I started to save incase it ever happened again. If I ever need anything I buy cash out so in away it’s a good job I did. As for young ones both my sons and their wife’s are and they also teaching the children to save. If my grandkids get money for birthdays etc it goes into bank accounts unless they need something and if they out grow toys the money goes into a bank account for Christmas

I have to be honest I have never had a credit card. I was bought up by a father that instilled it in to us that if you can't afford to pay for something then you don't buy it. I've never been tempted to sign up for one even through all the tough times including now

No wonder I don't listen to Radio 4, haven't had those kind of luxuries for decades, if not forever. Was wearing 30 year old 'nice' top and skirt for daughter's graduation. Never believed in buying unnecessary stuff. And if we want our children and grandchildren to have a planet worth living on, EVERYBODY will have to give up luxuries. Our lifestyle is just not sustainable.

It's all well and good in theory, saving for a rainy day, but if you live hand to mouth, what comes in goes out each month, (with no extravagances like gym, nails, meals out) then it is not even possible to save!

Radio 4 is a bastion of the left wing leaning BBC and programmes like these do nothing but spread discontent and division. There are many, many poor and disenfranchised families and individuals who live on the breadline. Foodbanks are everywhere, a national disgrace that they are so needed. Homelessness is on the increase-again. The gap between rich and poor gets wider and social mobility is at an all time low. The people featured in this programme are obviously from the sunnier side of the street and the cost of living crisis currently escalating will in no way hit them as hard as the poorest members of society who, as admitted by the government itself, will suffer most. Savings? To the poor ( which includes some of our most needed workers such as nurses, carers, nursery and retail staff etc) they are a dream, along with the dignity of a secure home and lifestyle.

We didn’t save while younger, because mortgage, energy and food for six didn’t leave any spare.
However, it paid off as after 25 years we owned a house, which was of more benefit than money in the bank!
Today’s young couples don’t often have this option.

My late husband and I managed to save or invest in things for our old age. He retired in December 2019 and then Covid-19 hit the world so we were stuck at home more or less. He caught Covid-19 in hospital in February 2021 and never cane home. I was very lucky that I had money to last me for a good few years before I need to worry. At least I thought I did. If these current costs keep going up I don't know how long it will last.

Younger earners don't save in my experience now, though many buy holidays on credit, paying something off every month so I suppose this is saving of a kind though they have nothing tangible to show for it afterwards. I suspect that not being able to take holidays during lockdown led to some surplus cash!

I have a small amount of savings, but only because I cut back a lot during the pandemic . I save all of that for emergencies like my car etc. My mom who is in her late 70's pays for a holiday for me so that we both get a break (if she didnt pay neither of us would go away as i cant afford it and she wont go on her own)
I work 2 jobs all year and 2 adhoc jobs when needed and i still cant save much due to bills rising.

my DC's try to save but my DD's student load means she is actually paying less than the interest each month (dont get me started on the interest free load she signed for before the Government sold the loans - which is now charged at more than a payday load interest), so after her rent and bills there isnt much left over to save, my DS has set up his own business so his salary is half of what he earned before he set up on his own so his savings are being pummelled paying bills.

I know that it is their choice to go to uni or set up their own business but i feel lately it hasnt paid the dividends it would have done when i was younger - tax tax tax now, so savings drop dramatically. i just have to hope their hard work will pay off before they start their own families.
Circumstances make it harder to save now that it did before.
Im just hoping my occasional lottery tickets will come up trumps one day so i can help them.

I've never been able to afford to save, and never will

Exactly libra10. As a child I enjoyed saving some of my pocket money, and I remember how much I loved to see it grow.
This habit has stayed with me for life, although of course there were a few times when we’d had a lot of expenses and saving was put on hold.

Overall though it has stood us in good stead.

You can only save for a rainy day if you have money left over from necessary shopping and bills. Many people don't and Liz Truss does not seem inclined to help the poor. Unfortunately, saving usually disqualifies one from help from the State in old age: care home fees are an example which weasel Johnson said he was going to fix but hasn't.

My dd has just been to Blackpool and said how bad it was; people on drugs, drunks, half naked people (I know it's hot). One said to her 'we're just spending our Universal Credit'. I know some people are genuinely struggling. I've been a saver all my life, two jobs, but glad I saved it as now I'm disabled I buy things to help me, mob scooter etc. I don't claim anything as I can't bear doctors and hospitals so avoid them.

I was brought up to save if I could. Sadly after divorce & raising my DS alone I had to give up my job due to after effects of a childhood accident. Kept our heads above water but never had any spare cash to save. So do get fed up with some younger people insisting that every pensioner owns their own homes & is well off! Dont I wish! Home had to be sold as no way being medically retired could I keep up mortgage payments. My DS learned from me to try to save & still does even with marriage, 2 children & a mortgage to pay. If I could save I would but my 'old age' is now far from easy as must be the case for many older people! I would love to own my own home & not be looking every few days for a Section 21 from my Landlord! So looking for cut backs to pay the increasing fuel bills is crazy! Rent comes first, then bills & if I am lucky buy some food! Never thought my old age would be like this & must be thousands of others like me thinking the same way! Then wont be here much longer at my age will I? So will not be looking to make cut backs as it will all be over! If I sound miserable & 'off thread' sorry. Just a bad day today!

My son has no savings and lives quite frugally even though he and his wife work. He is in a panic now as his big old family car was written off at the weekend by a drunk driver.
Because the car was old the insurance won't pay enough for a replacement and as I have already helped him out I can't help.

As kids we always had a moneybox to save for holiday spends or you did without. When I was getting my first car my parents lent me the money and kept a notebook with my weekly payments written down until it was paid off, right to the last fiver. I remember once I said about getting a credit card and my dad went nuts, so that never happened and to this day I've never had one.
I'm so thankful to them now for teaching me to save and be careful with money because having savings has helped when a few nasty surprises have happened with houses, car, etc in the past. Now I'm dipping into them for electric, gas etc. I'm one of the lucky ones that can do that though.

Many of the young have "the must have" mindset. I was shocked to learn a young Mum not far from me pays £80/month and will do so for 2 years contract for her latest phone. I bought mine for £140 and pay a variable amount that I chose of £6 or £8 a month. I can cancel at any time. The Mum doesn't work, two young children, one goes to nursery a few hours a week. Priorities mean nothing for some of the young whereas many golden or silver oldies were almost brainwashed to not waste money and to save.

I haven't been able to save anything at all since I became unable to work - no holidays, hair cuts, cuppa and a bun ..... nothing, it comes in and all gores out - and they also wanted me to pay nearly £200 a week for a daily 30 min wash! I am living in my conservatory and running the aircon before I shrivel up and die, but as I haven't had a proper bill since I moved in in January from British Gas, I am absolutely dreading it! I can cope with being cold, but being too hot for me is unbearable! I have been constantly sweating for months now and am washing in the kitchen as cannot get up to the bathroom. Feeling grubby, uncomfortable and quite frankly, more ill than usual, yuk .....

I was the typical stay at home mum to three, also had a small evening job, husband had two jobs, it was a financially difficult life for many years but we knew how to stretch the pennies and survive. We eventually managed to save, which we did by camping in the uk when others were off on exotic holidays on the never never. We overpaid the mortgage from around age 50

It did pay off in the end, I am managing fine as a widow, not extravagant by any means but if I want or need something then I get it.

Saving habit started at a very young age, just pennies to the post office and as adults, it was all about living within our means, to the extent of getting cash out every month and dividing it for labelled envelopes. We never had mobiles, broadband and all the expense that can ensue from them. We took packed lunches to work etc

Our 3 AC have learnt from us but have not really put the effort into keeping a safety net. They don`t realise that finances can turn on a sixpence. They have all had some sums of money from me in the past, spent it wisely too but no more from me now. My savings now are eroding and this is when I am truly glad that I spent so much on fabrics and fibres for my very important hobbies. I have enough for years to come, an inflation hedge

Not wanting to sound flippant but- more fool you. I was advised by my father never to divulge any savings to anyone! What I'd saved out of already taxed money was my business alone! And he was a senior civil servant in a very sensitive department! So I never did, not that I ever had loads but they don't allow you hardly ANY savings.so be warned ,if you don't tell they can't find out and they also assume that majority of decent types tell the honest truth....

My phone? Looks identical to a £400+ all singing etc smart phone BUT cost less than £80 as it has hardly any capabilities but yer know? It actually works wonderfully - AS A PHONE!???

We are dependent upon benefits and extra payments from the government, as well as our savings.

I get heartily sick of hearing Young's moaning about how olds have " taken the best" !? Really? Last time I checked everything we olds have we've worked scrimped and saved for over 40/50+ years!! Not "taken" anything! Maybe if the Young's dumpd all the junk they surround themselves s with, they too may find in 40+years THEY can afford to live a seemingly comfortable life albeit without luxuries, which they regard as necessities!

Huge generalisations going on here I feel. I have children who have saved every penny they could to be able to buy a home, on which the mortgage is much lower than the rent they previously paid. I also know of some older people who are in debt up to their eyeballs. This is not a generational thing, despite what the media wants you to think. Everyone's circumstances are different and we do not know what they are, so should not judge. Incidently, that couple who saved every penny were not able to buy until they inherited money. They are very aware of this but I am appalled that despite having 6 degrees between them, including a doctorate. Because they have chosen to work in the caring professions they were unable to earn/save enough to buy a home by themselves. The young are not to blame, there's not enough 'frivolous spending' to cover the amount of deposit they needed to find. It is certainly not the same as when we were saving for a home. Incidently, they and I continue to save against the storm that is coming.