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| Millions have less than £100 in savings, study finds | Millions have less than £100 in savings, study finds |
| (about 2 hours later) | |
| More than 16m people in the UK have savings of less than £100, a study by the Money Advice Service (MAS) has found. | More than 16m people in the UK have savings of less than £100, a study by the Money Advice Service (MAS) has found. |
| In five areas of the country, more than half the adult population has savings below that level. | In five areas of the country, more than half the adult population has savings below that level. |
| Those areas are Northern Ireland, the West Midlands, Yorkshire and Humber, North East England and Wales. | Those areas are Northern Ireland, the West Midlands, Yorkshire and Humber, North East England and Wales. |
| The MAS said the findings were worrying and presented a particular challenge for low earners. | The MAS said the findings were worrying and presented a particular challenge for low earners. |
| "These figures show the millions put at risk by the saving gaps in the UK," said Nick Hill, money expert at the service. | "These figures show the millions put at risk by the saving gaps in the UK," said Nick Hill, money expert at the service. |
| "For some on low incomes, saving is a real challenge as they may simply lack the income needed to save at all." | "For some on low incomes, saving is a real challenge as they may simply lack the income needed to save at all." |
| The research was carried out for MAS by the consumer data company CACI which has a database of 48m UK adults. | |
| Savings Allowance | Savings Allowance |
| However, the research also showed that some people on low incomes do save money. | However, the research also showed that some people on low incomes do save money. |
| Roughly a quarter of adults with household incomes below £13,500 have more than £1,000 in savings. | Roughly a quarter of adults with household incomes below £13,500 have more than £1,000 in savings. |
| And 40% of people in that income bracket manage to save something every month. | And 40% of people in that income bracket manage to save something every month. |
| The MAS says saving small amounts on a regular basis is achievable for most people. | The MAS says saving small amounts on a regular basis is achievable for most people. |
| "Regular saving is key to building up that buffer against those life surprises," said Mr Hill. | "Regular saving is key to building up that buffer against those life surprises," said Mr Hill. |
| "If you earn enough to set even a little aside each month that's great - a direct debit into a savings account might be an easy way to do this, even if you start small and increase the amount with time." | "If you earn enough to set even a little aside each month that's great - a direct debit into a savings account might be an easy way to do this, even if you start small and increase the amount with time." |
| Since April, basic-rate taxpayers have been allowed to earn up to £1,000 a year in a savings account, and pay no income tax. | Since April, basic-rate taxpayers have been allowed to earn up to £1,000 a year in a savings account, and pay no income tax. |
| The Personal Savings Allowance, as it is known, is worth £500 a year to higher-rate taxpayers. | The Personal Savings Allowance, as it is known, is worth £500 a year to higher-rate taxpayers. |