One in four Londoners have no savings whatsoever, MoneyTransfers.com has warned.
In the face of the ongoing cost-of living crisis, has well as rising prices in the nation’s capital, residents are finding it challenging to save money, especially when trying to keep up with day-to-day costs.
In light of the new data revealed, MoneyTransfers outlined the importance of retaining some savings for unexpected expenses or even a rainy day.
Jonathan Merry, CEO of MoneyTransfers, said: “There are a few reasons why some people in London might not have any savings.
“For one, the cost of living in London is notoriously high.
“Between rent, transportation, and everyday essentials, it can be difficult to put any money away.
“Additionally, many people in London are on low incomes or are living paycheck to paycheck.
“This means that they don’t have any extra money to put into savings.
“Londoners need to start thinking about their long-term financial stability and start putting away some money each month, even if it’s just a small amount.
“It’s important to have a buffer in case of an emergency, and savings can also help you reach your other financial goals.”
Research revealed that in the United Kingdom, low-income families have an average savings balance of £95.
At the same time, families with high incomes have an average savings balance of £62,885.
Unfortunately, the disparity in wealth between homes with low incomes and those with high incomes is only widening.
