More than 11 million Britons have less than £1,000 in savings

Resolution Foundation calls for auto-enrolment into saving schemes, as millions have no ‘rainy day’ fund

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.

The Resolution Foundation said people across Britain faced a “triple savings challenge” of insufficient savings, an inability to cope financially with major life events such as family breakdown, and inadequate retirement incomes.

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