COMMENT: One in four Brits has less than £200 in their savings

Ahead of World Savings Day this Friday, 31st October, Tom Eyre comments on Brits’ savings and the importance of building a buffer between you and the unexpected

“Nearly 40% of Brits have £1,000 or less in savings, and almost one in four have under £200. That means millions of people are one broken boiler away from a financial crisis. And, for many, the advice to ‘just save more’ feels tone deaf when every penny is spoken for.

But the reality is that saving isn’t about having purely spare cash lying around – it’s about creating any buffer at all between you and the unexpected. Even £2 a week builds over £100 in a year. That might not sound like much, but it’s the difference between panic and peace. Think small, automate, make it easy, and let momentum do the work. That’s where saving wins.

This World Savings Day, let’s remember, financial security doesn’t have to be a privilege. Every pound saved is progress, and every habit formed gets you closer to financial freedom.”

Tom Eyre is CEO and Co-Founder of Loqbox, the UK’s leading credit-building business,