Quick links to latest articles:

UK savers 'lagging behind other countries'

By Joel Stanier

3 February2021

House made of coins UK families are saving significantly less of their incomes than families in other countries, according to new research by Lloyds TSB - and many could be putting themselves at risk of problems with debt.

The research found that the average family in China saves nine times more than their UK counterparts, in relation to their incomes. Meanwhile, German families save twice as much as UK families.

Chinese families have 19,000 in savings, on average - compared with 8,600 in Germany and just 5,009 in the UK. Lloyds said that UK adults are four times more likely to struggle financially than Chinese adults.

Greg Coughlan, Head of Savings at Lloyds TSB comments: "While these findings should perhaps not be surprising in view of the figures we have seen on savings ratios, they are still remarkable. Despite significantly higher income levels, today's British and German households are both being roundly beaten in the savings stakes by urban Chinese households.

"However, UK families seem to be getting more engaged with their finances and savings, so we would hope to see some of these figures improve further over time."

A debt expert at Think Money said: "As well as providing something for the future, savings are there to protect against short-term financial emergencies that could otherwise be very difficult to afford. Without savings, something like essential car repairs or a broken boiler could land you in debt.

"With that in mind, we urge anyone who can afford to save to do so. Those struggling to afford anything other than their essential living costs may want to seek financial advice."

Try our debt solution finder

Answer a few simple questions and find out which debt solutions could help you, based on your circumstances.

Your Situation

Your Details

Please remember, this is just an information tool. We would always recommend you speak to a debt advisor for the most appropriate way to resolve your debt problems.
We'll give you an on-screen recommendation and call you. One of our advisors will be in touch to answer any questions you may have about your results.
Your privacy is important to us. All correspondence is held in the strictest confidence and we will only request information required to find your debt solution.

Tags: debt, saving, savings, household, finance, personal finances, budget, budgeting, Lloyds TSB

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.

All About Money Limited © 2013. All rights reserved. 42 Boston Rd, Sleaford, Lincolnshire NG34 7ER.