The degree to which people are struggling to get by including having no savings to deal with an unforeseen bill should be seen as a crisis. Some estimates suggest that the number of people with even 100 in savings has fallen in recent years while others say one in five people have no savings at all to fall back on and about 15 million people have no pension savings. Last year, Britains household debt had reached a new peak, with an average of 15,385 owed across a range of lenders. About 8 million people are struggling with some form of problem debt (paywall). And, a key safety valve for the poorest households, emergency funds from councils have all but disappeared in many parts of England. No wonder then that it can take very little f…
Read the full article at: https://www.theguardian.com/society/2019/may/14/rainy-day-protect-people-debt-poverty-uk-us