United Kingdom
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This is the best summary I could come up with:
More than 11 million working-age people in Britain don’t have basic “rainy day” savings of at least £1,000, according to a report that warns that the poorest households are struggling to build up financial resilience amid the cost of living crisis.
It said fewer than half of working-age households in the UK had savings worth at least three months of income, leaving them ill-equipped to face events such as unemployment or family breakdown.
Highlighting the risk to households struggling with the cost of living crisis, it said those with lower levels of savings were more than twice as likely to use credit cards, overdrafts or borrowed money than those with more than £1,000 held back.
The thinktank urged the government to take action to encourage saving, calling for an expansion in auto-enrolment contributions by employers and workers to boost levels of financial resilience, suggesting a rise to 12%.
Molly Broome, an economist at the Resolution Foundation, said: “We can address all three challenges by building on the success of pensions auto-enrolment to opt more people into both easy access and long-term saving.
“We should also offer people more flexibility over their pension pots, as other countries do, in order to help them with difficult circumstances.
The original article contains 398 words, the summary contains 205 words. Saved 48%. I'm a bot and I'm open source!