True ? 80 per cent of all Brits have less than £500 in their account

[Skd884]

80 per cent of all Brits have less than £500 in their account as Lloyds boss warns hordes of people are slipping into debt

The number of customers with persistent debt problems has jumped by almost a third as the cost-of-living crisis bites further, the boss of Lloyds said

www.cityam.com

 

[MrGreedy]

I have less than £500 in some of my accounts (e.g. the one eBay has access to, which currently has about £12 in it).

Could this headline be written "80% of bank accounts held be Brits have less than £500 in them"?

 

[Petrol Pete]

I usually have more than £500 in my high street bank account, but I only put in there what I need for month to month living. The rest of it is elsewhere, same with SWMBO .

But I do know a few people who are just a few missed paydays away from total financial disaster.

 

[Londonscottish]

I have less than £500 in some of my accounts (e.g. the one eBay has access to, which currently has about £12 in it).

Could this headline be written "80% of bank accounts held be Brits have less than £500 in them"?

No, sounds about right to me. I was doing a bit of work with one of the big UK retail banks a couple of years ago and heard a very similar stat along very similar lines. Pretty grim. It really is hand to mouth for a vast number of people.

 

[Dryce]

No, sounds about right to me. I was doing a bit of work with one of the big UK retail banks a couple of years ago and heard a very similar stat along very similar lines. Pretty grim. It really is hand to mouth for a vast number of people.

As a simple statistic it probably isn't represenatative of much in itself.

There are people scraping by every month who are poor.

And there are some pretty well paid people in decent jobs who run close to the wire every month.

And there are people who don't just scrape by in terms of current accounts but are carrying debt on cards or finance agreements.

 

[Germgh0st]

Kinda depends on the time of the month, how close it is to payday.

 

[Harrythedog]

Mostly younger folk live £1 above their means, I know I did when I was younger

 

[Dickster]

It just means they are not savers, I’m not and never have been. However, I’m (touch wood) good at servicing debt and have never missed a mortgage or loan payment in my life. And if the loan is for a house or other asset, that’s similar to having savings - just not in cash.

 

[BigJase88]

It just means they are not savers, I’m not and never have been. However, I’m (touch wood) good at servicing debt and have never missed a mortgage or loan payment in my life. And if the loan is for a house or other asset, that’s similar to having savings - just not in cash.

Im the same.

I have a spending money problem but i'm not what you would call poor.

I have a decent pension pot and money saved in the boys account but in my current account that gets blasted most months.

 

[poormansporsche]

I have less than 500 quid in the bank at this precise moment and zero savings or pension.

But I have a LTV of less than 5% which with current house prices equates to £750,000 of equity.

Go figure

 

[MikeInWimbledon]

Obviously not, because that's not what the guy actually said. It's just weak-minded journalistic extrapolation.

Lloyds Bank account holders aren't even typical of people of "below average means"

The Under 25's are more likely to be running their finances through "Challenger bank products."

My favourite stat around this subject is that if you give your cat $10, she'll be wealthier than 25% of the US Population, including debt.

Other nuggets included in this report is the note that " half of the world has a net worth less than $3,210."

Credit Suisse: with just $10 “you’re wealthier than 25% of Americans” | Sovereign Man

 

[clk320x]

In this age of PCP I am not surprised.

 

[Skd884]

I have less than 500 quid in the bank at this precise moment and zero savings or pension.

But I have a LTV of less than 5% which with current house prices equates to £750,000 of equity.

Go figure

Sell up and purchase a caravan.

 

[poormansporsche]

Sell up and purchase a caravan.

Within a mile of my house you can buy a 4 bed / 3 bath new build chalet houses with outbuildings, a acre of land for 500k. The downside, £hit tanks, gas tanks and unmade roads. I say yes to having 1/4 of a mil in my back pocket but wifey says no to £hite tanks

 

[MikeInWimbledon]

I have less than 500 quid in the bank at this precise moment and zero savings or pension.

But I have a LTV of less than 5% which with current house prices equates to £750,000 of equity.

Go figure

Assets is assets.
And you'll have £200k worth of State pension to draw down before you expire.

Pretty well off by any standard.

 

[poormansporsche]

Assets is assets.
And you'll have £200k worth of State pension to draw down before you expire.

Pretty well off by any standard.

Fortunately my divorced parents don't like me much so when they pop their clogs they are leaving their property portfolio to my children and my sister's children so least no worries there and equity release will be my pension !

 

[Wearsthefoxhat]

Assets is assets.
And you'll have £200k worth of State pension to draw down before you expire.

Pretty well off by any standard.

and hopefully you will live beyond that..

 

[flying haggis]

but how many of these people with less than £500 in the account also have huge payments every month for the latest iphone, netflix subs etc , buy a costa/starbucks/nero coffee and lunch everyday and then get home and order a takeaway to be delivered 3 or 4 times a week

 

[DrNick]

But are they happy?

 

[MikeInWimbledon]

and hopefully you will live beyond that..

50/50. Life expectancy is life expectancy. But its still a chunk of "free" income