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Savings and the Money Moose

Why do we want to help people save money? The numbers are revealing…

Around 1 in 5 adults in the UK have no financial safety net at all. If an unexpected bill comes in, they are unable to easily pay it - which can lead to needing to take on debt, which makes it even harder to save money and which can create a spiral that is difficult to break.

For women it’s worse still: very nearly a quarter (24%) have no safety net, while about 1 in 5 Gen Z adults and 1 in 6 Millennials have no savings at all.

It’s not just those who have nothing in the bank who can be affected either.

A full quarter (25%) of UK adults have under £200 in savings, including those with zero - yet 2 in 5 (40%) people say financial stress affects their health and a similar amount say they regularly run out of money before payday arrives.

But that doesn’t mean it’s a permanent situation. Some people just need a little clarity: guidance on what some things mean, reassurance that they are not alone in their situation or a helpful pointer or two at which steps to take first.

Building an emergency savings pot is a process, a journey which takes… as long as it needs to.

The Money Moose will help you, guide you and walk the path alongside you - and the only important step you need to take is the first one!

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No financial product or service pays for opinions in The Money Moose.
It exists for one reason: to make saving feel possible for people who find it hard.

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Sources: Handelsbanken, Finder, St James’ Place, Aqua credit