11 million Britons lack savings, UK faces £74bn shortfall

The Guardian February 12, 2024, 01:00 AM UTC

Summary: The Resolution Foundation reports that over 11 million working-age Britons lack £1,000 in savings, with half in the poorest households. The UK faces a £74bn shortfall in emergency and retirement funds. The think tank recommends increasing auto-enrolment pension contributions to 12% and introducing a matched 6% employer-employee contribution for easy-access "sidecar savings." Economist Molly Broome emphasizes the need for improved financial resilience through these reforms.

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