The Socialist

The Socialist 5 October 2016

Tories out!

The Socialist issue 919

Combative, vibrant unions should be central to the Corbyn movement


Tories out!

Come to Socialism 2016!

Sam Allardyce corruption shame: reclaim the game!

Asos workers fear taking toilet breaks, sacked for panic attacks

UK workers born in early 1980s half as wealthy as those born in 1970s

Millions have less than 100 savings

Them & Us

What we saw


Fighting racism today


RMT president Sean Hoyle speaks to the Socialist

Durham teaching assistants ballot for strike

Napo conference 2016: new mood of determination

London Met strike against job cuts and victimisation

Workplace news in brief


Corbyn's praise for Cardiff Labour is mistaken

Review: where you live can kill you

Review: international jazz protest storytelling

The Socialist inbox


Socialist ideas - winning a new generation of students


Thousands march against Tory conference

Protests against children's centre closures in Bolton

Why I joined the Socialist Party

Fighting fund record smashed again!

Leeds: Solidarity demo with Irish abortion fight

London: Socialism Today milestone celebration

Worcester: Public meeting discusses Corbyn


Poland: Fighting back against anti-abortion law

Ireland: repeal the 8th Amendment!

Joint declaration by Izquierda Revolucionaria and the CWI

 
 
 
 
 

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Millions have less than 100 savings

Empty pockets broke penniless poor poverty budget, photo Dan Moyle (Creative Commons)

Empty pockets broke penniless poor poverty budget, photo Dan Moyle (Creative Commons)   (Click to enlarge)

Ellen Kenyon Peers

How much is in your savings account? According to a new report published by the under-threat Money Advice Service, 44% of UK workers have savings of less than 100.

Even in the wealthiest regions, over 30% are 'non-savers'. Although the report identifies low wages and the high cost of living as factors, unfortunately it emphasises respondents saying they lack money management skills.

No doubt this is true for some. But no amount of money management will turn poverty pay into a living wage.

Perhaps the most interesting piece of data, however, is that almost half of 'non-savers' have an income above 30,000 - above the UK median wage. The report states that roughly the same number said they had no financial goals for the next five years.

The average UK rent - excluding London - is 724 a month. This average rises 2.5% every month. And the average house price has skyrocketed to 216,750.

With prices so high, it is easy to see why people earning a real living wage would not set financial goals such as owning their own home. A 25-year mortgage for a one-bed flat in London could cost 2,300 per month.

More council housing is desperately needed, as well as rent control and secure tenancy.

Those unable to save are also at permanent risk of being plunged into debt by a sudden bill or unexpected expense. Even the cheapest funeral, for example, can cost grieving family members around 3,700.

The Socialist Party fights for a 10 minimum wage without exemptions, and living benefits. It shouldn't matter how much is in your savings account. The huge resources of the super-rich could instead provide for all.


In this issue


What we think

Combative, vibrant unions should be central to the Corbyn movement


Socialist Party news and analysis

Tories out!

Come to Socialism 2016!

Sam Allardyce corruption shame: reclaim the game!

Asos workers fear taking toilet breaks, sacked for panic attacks

UK workers born in early 1980s half as wealthy as those born in 1970s

Millions have less than 100 savings

Them & Us

What we saw


Black History Month

Fighting racism today


Workplace news and analysis

RMT president Sean Hoyle speaks to the Socialist

Durham teaching assistants ballot for strike

Napo conference 2016: new mood of determination

London Met strike against job cuts and victimisation

Workplace news in brief


Socialist readers' comments and reviews

Corbyn's praise for Cardiff Labour is mistaken

Review: where you live can kill you

Review: international jazz protest storytelling

The Socialist inbox


Socialist Students

Socialist ideas - winning a new generation of students


Socialist Party reports and campaigns

Thousands march against Tory conference

Protests against children's centre closures in Bolton

Why I joined the Socialist Party

Fighting fund record smashed again!

Leeds: Solidarity demo with Irish abortion fight

London: Socialism Today milestone celebration

Worcester: Public meeting discusses Corbyn


International socialist news and analysis

Poland: Fighting back against anti-abortion law

Ireland: repeal the 8th Amendment!

Joint declaration by Izquierda Revolucionaria and the CWI


 

Home   |   The Socialist 5 October 2016   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook