A study found that nearly 40% of UK workers are saving less than £100 ($115) a month as the cost of living puts additional pressure on their pockets.
According to insurer Exeter, 20% of people aged 45-54 report not saving at all, and 19% of people aged 55-64 say the same.
The survey also shows that the cost of living crisis is impacting spending. His 81% of workers admit they have had to change their spending habits due to rising inflation, energy prices and national insurance.
Entitled “Challenging Times,” the survey looked at how workers are coping with the crisis.
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More than half (52%) of UK workers surveyed said they were worried about paying their food and utility bills, and 44% said they were worried about paying their rent or mortgage. .
By region, Londoners were more likely to save over £100 a month, with only 20% saving less.
By contrast, people in Yorkshire (47%) and East England (45%) were saving less than £100 a month. It was more than double that of London.
Higher prices led to lower spending, with 49% of employees spending less on weekly shopping, 44% on utility bills, and 41% on leisure and entertainment.
“With this study, we wanted to explore the many pressures facing people working in the UK, but the level of economic and health concerns we uncovered made it difficult for them to face the challenges they face. The true scope of The Exeter has been revealed.” said Isobel Langton, CEO of The Exeter.
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“So many people in the UK are worried about saving enough and with the cost of living continuing to rise, the speed at which someone falls into debt could also increase,” she added. Governments need to ask themselves what they can do to help people weather this storm. “
Watch: How to save money on a low income