I'm shocked how little we are saving these days. I am also not sure that this is simply due to rising inflation and stagnant wages. It is a very complex problem, but a lack of a savings culture must be part of it.
Households are putting away into savings the smallest proportion of their disposable incomes since the 1960s, according to the latest official data. The savings ratio, or the proportion of income saved, has fallen sharply in the last year – from 3.3 per cent in the final three months of 2016 to 1.7 per cent between January and March this year.