A third (33%) of consumers say they do not regularly save any money, according to new research by Lloyds Bank. Part of Lloyds Bank’s ‘How Britain Lives’ study, the UK-wide analysis conducted in partnership with YouGov, also found that 7% of UK adults have no savings whatsoever to fall back on if they lost their job.

A further one in five (18%) wouldn’t survive more than a month if they were to suddenly lose their job, and 30% would only be able to live off their current savings for up to six months.

Yet, despite knowing they could be caught short on cash, almost one in five (17%) admit to not planning their personal finances at all.

The 18-24 age group were revealed to be the most dedicated savers. Over three in four (78%) are actively saving money compared to just 67% of all UK adults – with a deposit for a new home or out of fear of losing their job – being the main reasons for doing so.

However, three in ten (29%) 18-24-year olds confess to struggling when it comes to managing their money and the number not planning their finances is in line with the UK average (17%). Those nearing or in retirement are least likely to plan their personal finances in advance, with one in five (21%) over 55s admitting to not planning at all.

Despite this over half (53%) of over 55s are confident in their ability to manage their money.

Jo Harris, Managing Director at Lloyds Bank said “Millions are at risk of not having savings to fall back on should they lose their job or have to stop working. Being prepared for these unexpected circumstances as well as starting to save for the future can sometimes feel daunting, particularly for those on lower incomes unable to put away large sums.”

“While it might seem like a slow uphill battle, small savings can really add up and when done regularly over a long period of time it can result in a significant sum. There are tools and accounts available to make saving easier and simple saving tricks will help set yourself up for the future.”

“If you are struggling to save it’s important to keep talking and open up about any money worries with family and friends as this can help with easing financial strains or fears. We’ve recently created the Lloyds Bank M-word online hub to provide a series of tips to help people feel more confident in opening up about these money worries.”

Regional breakdown:

Region % not saving money % feel they are managing finances well % don’t plan their finances
North East 33%


38% 12%
North West 36%


38% 14%
Yorkshire and Humber 32%


45% 17%
East Midlands 38%


45% 14%
West Midlands 34%


40% 21%
East of England 28%


44% 18%
London 37%


34% 21%
South East 28%


45% 16%
South West 28%


55% 26%
Wales 33%


41% 10%
Scotland 37%


35% 12%
Northern Ireland 36% 38% 16%