People tackling inflationary crisis with no savings

Be the First to Comment Read

People tackling inflationary crisis with no savings

Follow us on Google News:
More on:
 People tackling inflationary crisis with no savings
Image source: © Altinosmanaj | Megapixl.com

Highlights

  • According to BSA, one-third (36%) of savers have said they depend on their savings to get through the ongoing inflationary crisis.
  • One-third (33%) believed they would be unable to cover their living costs for a month if they lost their income.

The UK has been facing a deadly cost of living crisis. According to the Building Societies Association (BSA), over one-third (36%) of the surveyors said they depended on their savings to see through the inflationary crisis.

Meanwhile, one out of seven (13%) people revealed they don't have any savings and approximately one-third (33%) believed they would be unable to cover their living costs for a month if they lost their income.

                                                            ©2022 Kalkine Media®

This study was to commemorate the launch of UK Savings Week, which goes from 26 September to 2 October. The survey was conducted in August, prior to the recent mini-budget announcements, which comprised several tax reductions and the energy price guarantee putting a lid on what households pay for energy.

Over one-third (35%) of the people have stopped saving due to the cost-of-living squeeze, while over half (55%) said they had lowered the amount of money they used to keep aside.

Amidst the rising cost of living squeeze, savers are looking for alternatives to keep up with the increasing costs. UK investors can assess the performance of these stocks based on their YTD (year-to-date) returns. 

Nanoco Group Plc (LON: NANO)

The market cap of the UK-based nanotechnology group, Nanoco Group Plc, stands at £145.10 million. On a YTD basis, the NANO's return stands at 125.33% as of 26 September. Meanwhile, its return on an annual basis stands at 132.85%. Currently, the company's EPS (earning per share) is negative, at -0.01, and it has a turnover (on the book) of £74,789.93. NANO shares were trading at 44.80, tumbling by 0.44%, at around 2:00 PM (GMT+1) on Monday. 

RPS Group plc (LON: RPS)

The market cap of the international professional services business, RPS Group plc, stands at £574.45 million. On a YTD basis, the RPS' return stands at 89.02% as of 26 September. Meanwhile, its return on an annual basis stands at 95.01%. At present, the EPS of the company is positive, at 0.02, and it has a turnover (on the book) of £1,637,496.52. RPS shares were trading at 234.00, surging by 13.04%, at around 2:00 PM (GMT+1) on Monday. 

ME Group International plc (LON: MEGP)

The market cap of the leading vending machine operator, ME Group International plc, stands at £325.11 million. On a YTD basis, MEGP's return stands at 35.56% as of 26 September. Meanwhile, its return on an annual basis stands at 33.21%. At present, the EPS of the company is positive, at 0.06, and it has a turnover (on the book) of £37,608.02. MEGP shares were trading at 85.40, plunging by 0.70%, at around 2:00 PM (GMT+1) on Monday.

Disclaimer

Featured Articles