One in ten UK adults have no savings at all, according to the financial regulator, the Financial Conduct Authority.
12 per cent have no savings or investments, while one in eight adults have no cash savings whatsoever and one in three only have savings of between £1 and £1,999.
According to the survey, with 17 per cent of adults in the northwest and 16 per cent in the northeast without savings, compared to 9 per cent in the southeast and 10 per cent in the southwest. The area with the highest proportion of adults who have no savings is Tees Valley and Durham, at 18 per cent.
49 per cent of people in urban areas show characteristics of “financial vulnerability” compared to 54 per cent in rural areas, the FCA said.