Fix Britain’s savings crisis – why we need a ‘one-stop pot’

Industry News | 11/05/20

Pressure is mounting on the Government to introduce a “one-stop pot” for nest eggs after the coronavirus crisis laid bare the extent of Britain’s savings shortfall. More than half of all adults are now paid by the state, with millions earning 80% of their usual wages via the Government’s furlough scheme or relying on benefits because they have lost their job. The scale of the intervention has shone a light on families’ lack of rainy day funds: one in five workers had no emergency cash savings before the lockdown, according to AJ Bell, a finance firm. Moreover, the fall in income for so many people means household savings are being tested now more than ever.

Source: The Telegraph