A Quarter of UK Families Have Less Than £95 in Savings

The savings gap between high income and low income families is widening…

A quarter of families in the UK are classed as “low income” and a recent report from Aviva shows that these families have, on average, around £95 in savings. This is a significant decrease from the £136 reported last year.

The Savings Gap

Less than one in ten families are classed as “high income”, and their average savings have been recorded as £62,885. Where low income family savings have decreased, high income family savings have actually increased. The savings gap between low and high income families increased by 25% in the past year from £50,072 in 2015/16 to £62,790 in 2016/17. It has been suggested that the widening gap could be due to monthly family incomes falling to £2,006 – the lowest amount in 2 years.

More on the widening gulf in savings can be found on The Guardian website.