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Payday is the highlight of everyone's month. We could bang on about how it takes less than no time for the minus sign to appear when checking your balance - but, in all seriousness, the latest stat revealing the number of people living in the UK with less than £100 in their bank has been revealed and it's shocking.
Two-fifths of people who are considered working age lack a decent savings buffer, with less than £100 in savings available to them at any particular time. According to a poll by the Money Advice Service (MAS), this equates to 16.8 million people across the UK.
LBC presenter James O'Brien shared his opinion live on air. He believes that this is effectively a scandal. "How would you live with less than £100? How do you get through the day?" he asked his listeners on his show. "What's your life like, compared to the people telling you to blame all your problems on immigration? 16 million people with less than £100." The Newsnight presenter couldn't quite get his head around the statistic that was staring him in the face.
O'Brien acted out an imaginary conversation between a father and son where the asks where all the money went?. "Sorry son, blamed it all on Romanians and some Muslims [...] I was shouting at Muslims, son. I was getting cross about mosques," he said.
The MAS has said 'worryingly low levels of savings' means that many people are extremely vulnerable to unexpected bills, which may have serious consequences on their financial stability.
Nick Hill, money expert at the MAS, said: "These figures show the millions put at risk by the saving gaps in the UK.
"Everyone's situations and abilities are different, so it's important to find an approach to saving that's right for them and their household.
"For some on low incomes, saving is a real challenge as they may simply lack the income needed to save at all.
"But for many, developing a savings habit is very achievable. Regular saving is key to building up that buffer against those life surprises."
In all seriousness, this is an issue that needs addressing.
Featured image credit: PA
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