We’re told by pensions company Aviva that families with an earned income of £1,500/month or less have an average of £95 in savings. But when you realize that you need £15,000** in NS&I Monthly Income Bonds paying 1% per annum just to pay for a TV licence, and inflation is running at 1.8%, the true pointlessness of trying to save becomes apparent.
** The amount becomes £20,000 on May 1st when HM Treasury cuts the NS&I interest rate.
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