The gap between rich and poor is growing and this is highlighted by a new report showing that an incredible one in four UK families have less than £95 in savings. That figure jumps to £62,885 among high-income families. This shows the savings gap has jumped by over 25% between the richest and poorest in the country over the last year alone.
Key Takeaways:
- The gap between rich and poor in the UK is growing, as savings and home ownership decline among the poorest families but rise among the richest
- In a sign of growing financial strain, low-income families had just £95 of savings and investments, excluding pensions, this winter, compared with £136 in the same period last year.
- One in four families in the UK are classed as low income, according to Aviva, with net monthly earnings below £1,500.
“The gulf between low- and high-income families is showing signs of widening, in a worrying indication that those less fortunate are finding their finances increasingly stretched.”