10 Women Who Have No Savings Explain Why Their Accounts Are Empty
This time last year Refinery29 ran a story where women shared the reasons behind their empty savings accounts. This spanned everything from finally buying a house to spending money on medication to the impossibility of living comfortably on the UK’s minimum wage.
In the 12 months since that article the financial climate has not improved. If anything, its impacts have become more acute. The cost of living crisis continues to push up the prices of every day essentials while wages stagnate, interest rates still circling the 5% mark and we begin to feel the full economic impact of the pandemic in years prior.
To reflect this, we have spoken to 10 women for an updated look on what is impacting their savings accounts and why.
Occupation
Hospitality
Salary
Single income of minimum wage
What are the reasons behind the amount in your savings account?
Life circumstances haven’t allowed me to pursue a full time (and decently paid) job yet. I was able to save a little and was then made redundant. It makes me miserable and ashamed, as friends are saving for deposits and weddings and holidays.
Have your savings always looked this way? If so, why? And if not, why not?
I had some saved (a few hundred) and then was made redundant.
How has the financial climate of 2023 impacted you?
Massively. It was absolutely unaffordable to live on minimum wage. I was lucky enough to relocate from London to a much cheaper area. The job opportunities are incredibly slim, but I should be able to have a more comfortable lifestyle. It came at the expense of a career and my friends… But I’m always looking for the positives.
Would you say you have a good relationship with money?
Nope. I really struggle with numbers, and not making a steady income on minimum wage makes it very difficult to manage.
Occupation
Public affairs manager
Salary
£52,000, part of a dual income with partner
What are the reasons behind the amount in your savings account?
I recently bought a house.
Have your savings always looked this way? If so, why? And if not, why not?
Appreciate I’m in a very fortunate position but I received money when a parent died and thought it would be better invested into a property when prices dropped earlier this year due to interest rates.
How has the financial climate of 2023 impacted you?
Although my salary has increased about £20,000 in the last few years, I still feel the same squeeze towards every month despite no real lifestyle creep.
Would you say you have a good relationship with money?
It’s okay. I’ve always had the safety blanket of these savings, but now everything has gone into the house I feel a bit vulnerable. I’m really focusing on trying to build them up slowly again.
Occupation
Teacher
Salary
£39,000 as part of a dual income
What are the reasons behind the amount in your savings account?
I had to have surgery to keep on top of my disease, so I don’t lose mobility when I’m older. This is not covered on the NHS, despite affecting many women (estimated 10%).
Have your savings always looked this way? If so, why? And if not, why not?
No, I had £25,000 almost, for a house deposit, but had to use it for surgeries.
How has the financial climate of 2023 impacted you?
I’ve been unable to save as much due to the cost of living.
Would you say you have a good relationship with money?
Yes I feel quite sensible with money, I have always saved from a young age and don’t feel the need to use buy now pay later.
Occupation
Office manager
Salary
£38,300 as part of a dual income
What are the reasons behind the amount in your savings account?
There are various reasons, Firstly, I am the oldest daughter in a West African household. I was expected to contribute financially while my brothers were not.
Secondly, I spend compulsively when depressed, so I got into serious debt in my 20s (about £15,000) because of my home situation and felt it best to clear this before building an emergency fund. And although [today] my debt is a lot lower (£4,000), I now rent privately with my husband who I earn more than. That plus cost of living means there isn’t much left once bills are paid.
Have your savings always looked this way? If so, why? And if not, why not?
Yes. I’ve never been able to save more than £1,000, but I have little saving pots for presents for my family and I save in advance towards Christmas.
How has the financial climate of 2023 impacted you?
I look twice at prices of certain items in Lidl and Aldi. Thankfully I have a new job starting in a few weeks that takes my salary up to £50,000. I’m hoping to clear the rest of my debt and build up an emergency fund.
Would you say you have a good relationship with money?
Not really. It has its uses, but I hate the trouble it can bring when not used wisely.
Occupation
Strategy manager in the finance sector
Salary
£66,000 as single income
What are the reasons behind the amount in your savings account?
I bought a house on my own in 2021, which emptied my ISA savings. I was left with about £6,000 in cash, which I used to pay for renovations. Up until this point, I had been living either with parents or with partners in furnished flats, so I had barely any “house stuff”. I used 0% credit cards to buy everything I needed for the house, which was A LOT. I have about £18,000 in credit card debt, which I’m fine with as it’s all on 0%.
I had a partner move in with me in 2022. They didn’t pay towards the mortgage but we did split the bills and they paid for about 90% of the grocery and eating out bills. We broke up at the end of 2022, and it had been a huge adjustment going from that set up to paying for everything on my own. Most of my money is going towards paying down my debt as I absolutely refuse to end up paying interest on any of it. This means I don’t really have anything over £300ish at the end of the month to allocate to savings.
Have your savings always looked this way? If so, why? And if not, why not?
Absolutely not. I saved up £20,000 for a house deposit and then always had at least £5,000 in cash savings that I could easily access. Buying a house on my own, furnishing it, going through a breakup and the cost of living crisis have all meant I don’t really have cash at the end of the month to put aside. I also have a chronic illness, which means sometimes I don’t have the energy to go shopping and cook, so I definitely spend more money than I technically should on Deliveroo as I need the convenience of it. There’s a hidden cost to being chronically ill that isn’t often discussed — convenience is king (and expensive).
How has the financial climate of 2023 impacted you?
The rising cost of literally absolutely everything has definitely been noticeable and has meant fewer holidays, less time in pubs and significantly lower savings.
Would you say you have a good relationship with money?
Yes. I grew up privileged (though not necessarily cash rich) so I’ve never approached money from a point of scarcity. I’m also financially literate so have always been meticulous on finding the right financial products for my needs.
Occupation
Financial services consultant
Salary
£96,000 as a single income
What are the reasons behind the amount in your savings account?
Gambling.
Have your savings always looked this way? If so, why? And if not, why not?
I had over £100,000 in savings which I have lost due to gambling.
How has the financial climate of 2023 impacted you?
Gambling has become more frequent and risky to try to make money to cover my expenses.
Would you say you have a good relationship with money?
No.
Occupation
Commercial director
Salary
£48,000, part of a dual income
What are the reasons behind the amount in your savings account?
Kids. Childcare for twins. Drained to zilch.
Have your savings always looked this way? If so, why? And if not, why not?
No, I used to be a savvy saver. I saved a house deposit, wedding fund, and even saved a maternity leave nest egg to top up SMP. But twins, nursery and the cost of living have decimated us and even left us with debts.
How has the financial climate of 2023 impacted you?
Humongously. See above!
Would you say you have a good relationship with money?
Not anymore, no; sometimes hard to see the light at the end of the tunnel.
Occupation
Accountant
Salary
£42,000 (part time, four days a week) as part of a dual income
What are the reasons behind the amount in your savings account?
Two lots of maternity leave drained the savings I had (and increased my credit card balance). I work part time now but a promotion means my take home pay is about the same as before, while my outgoings have hugely increased mainly due to childcare costs, leaving me with less room to tackle the credit cards.
Has your savings always looked this way? If so, why? And if not, why not?
I’ve never been good with my own money despite being an accountant. I’ve had a credit card balance since I was 25 but never miss a payment and shift it around with 0% balance transfers. I’m not sure why, other than that I live very much in the moment and forget to think of the opportunity cost of what I am purchasing now versus how that money could be better spent in the future. I think lifestyle creep has also played a role.
How has the financial climate of 2023 impacted you?
We are fortunate that we have been able to afford any increases in mortgage, utilities, childcare and groceries as we both have good salaries, but it has left far less room to save or pay down debt which is sure to impact us as a family in the future.
Would you say you have a good relationship with money?
I know what I should do in theory to have a good relationship with money, but I have a hard time applying it to my own finances.
Occupation
Call centre supervisor
Salary
£25,850 FTE – currently on four days a week at £20,680, single income
What are the reasons behind the amount in your savings account?
A mix of poor budgeting in university combined with London living costs drained me of most of my savings. I finally moved out of London this year, but having to shell out for moving costs and furnishing my new place has taken away basically all I have left so my savings are non-existent.
Have your savings always looked this way? If so, why? And if not, why not?
I’ve never been too good with saving but in university I had a series of bad luck with finance — I had to pay for an expensive hospital bill overseas (which was mostly covered by travel insurance!) then expensive student housing costs. Before I knew it, not only did I have no savings but I had maxed out my student overdraft as well.
How has the financial climate of 2023 impacted you?
I’ve been living on my own for the first time since moving out of London, so I’m really noticing the cost of household items. I used to be able to split these with housemates and watching the cost of my weekly shop creeping up is pretty miserable. I have a dietary restriction due to a health condition so buying from the free-from section is already more expensive to begin with, so I try hard to budget where I can nowadays.
Would you say you have a good relationship with money?
No, I grew up in a low-income household with my parents working retail jobs. Rather than teaching me to be careful about money, I found spending money to be addictive as soon as I got my first job. I’m a lot more sensible now but it was particularly difficult during university and I found once I was deep in my overdraft it was hard to get to a point where I could even begin to pay it off.
Occupation
Technical support and network assistant
Salary
€75,000, single income
What are the reasons behind the amount in your savings account?
I went travelling and decided to move to Amsterdam. The rental market here is insane, so I’ve been half living in hotels.
Have your savings always looked this way? If so, why? And if not, why not?
No, I would panic if I had less than £5,000 in my account.
How has the financial climate of 2023 impacted you?
My mortgage hit the roof because of interest rates which means my the impact on my savings was shocking. As the mortgage rate was insane the rent the tenants were paying wouldn’t meet it. I was actually makes a loss on my rental when I went travelling.
Would you say you have a good relationship with money?
Do I fuck. I’ve always been a shopaholic and been awful with money. It wasn’t until I was gifted money and bought a flat that my relationship with money changed. But I am still ridiculous about it. If I see money in my account I MUST spend it.
Occupation: Unemployed due to sickness
Salary: Employment and support allowance
What is the reason behind your £0 balance? After falling unwell and having major surgery, I am no longer fit to work full time. All my savings had to go to rehab, therapies and my immediate housing needs. I had to spend my emergency funds and savings before being allowed any benefits help.
Have your savings always looked this way? If so, why? And if not, why not? Previously I worked in global comms for a large financial markets and corporate governance conference; I had a great package and saved a third [of my paycheque] each month. It was a good buffer but I miss the lifestyle a lot now.
Would you say you have a good relationship with money?
I do my best. I regularly feel guilty for spending money, save as much as I can and appreciate my friends being generous but don’t want them to feel they always have to pay for me.
Occupation: Planning manager
Salary: £49,350
What is the reason behind your £0 balance? I had a financially abusive partner. I had no way to save and since I managed to kick him, 2022 [was] the year to spend on me, as I spent 14 years unable to. 2023 is the year to start saving.
Have your savings always looked this way? If so, why? And if not, why not?
Yes.
Would you say you have a good relationship with money? Yes.
Occupation: Pharmacist
Salary: £50,000
What is the reason behind your £0 balance? My mum was diagnosed with stage four cancer at 23 (before I was even born). [Doctors said] there was no chance of survival but by some miracle she made it through. After that she understood that life could be taken away in an instant and all we actually have is the here and now. My parents were very well off ([earning over] £100,000) growing up but were very poor with money and had a lot of debt. The concept of “saving up” for something just didn’t exist. I have zero in my savings account and I have £10,000 on credit cards. I don’t save for things; I buy them, then pay them off. My parents are now well into their 50s and still have the same mindset from more than 25 years ago, which is really a live-fast, die-young attitude.
Have your savings always looked this way? If so, why? And if not, why not?
I was okay with money at uni out of necessity, I even managed to pay for private braces. I managed to build up £3,500 savings, then bought a £140,000 house 50:50 with my partner with a 5% deposit and I’ve not needed savings for anything.
Would you say you have a good relationship with money?
No, I think I have a lack of respect for money and saving hard for something. I’m in a chunk of debt. I could have this paid off in a year with my income and expenses but I won’t as I’d be too anxious about paying off £10,000 then having a horrible diagnosis and regretting not travelling or spending time with friends.
Occupation: Audio editor
Salary: £22,000
What is the reason behind your £0 balance? I never seem to have enough money coming in to pay all the bills, nothing is ever left over.
Have your savings always looked this way? If so, why? And if not, why not? Yes. I wasn’t taught about money as a child so never had the mindset to put any away. Now that I’m older, with more bills and the increased cost of living, the issue has only continued.
Would you say you have a good relationship with money? No.
Occupation: Finance manager
Salary: £55,000
What is the reason behind your £0 balance? A few reasons. We have two good salaries coming in so can generally cover any “emergencies” without dipping into savings. We have unfortunately lost friends and family young so believe life is for living. If we were made redundant, redundancy would cover immediate bills and we are both re-employable.
Have your savings always looked this way? If so, why? And if not, why not? They fluctuate. We will save if there is a reason: when we got married, for a holiday, and so on. I saved £10,000 for my maternity leave so I could take a year off. We just generally don’t see the point in saving and would rather enjoy life now. We both pay into pensions and get advice from a financial advisor (who probably judges us!).
Would you say you have a good relationship with money? Yes, bills are always paid in full and on time, we have debt for big purchases at manageable levels and are enjoying life.
Occupation: Office manager
Salary: £28,000
What is the reason behind your £0 balance? Take-home pay is £1,700, childcare bill alone is £1,200. I don’t have spare money.
Have your savings always looked this way? If so, why? And if not, why not? Yes. I earned less previously and before having my child I was a serial spender.
Would you say you have a good relationship with money? No.
Occupation: Curator at a museum
Salary: £33,000. You’d think I’d be alright but honestly, historic debt wipes you out.
What is the reason behind your £0 balance? It’s a combined issue — I’m always playing catch-up with credit card debt (which exists because I’ve had to use it to live), which ruins me every month. Once I’m done paying that, I have not much to live on and have to use my credit card to get to the end of the month.
Have your savings always looked this way? If so, why? And if not, why not? I’ve never had savings and I’ve never had much money. I left home at 16 and always had issues with living by overdrafts or otherwise. This is the first really big, proper job I got after freelancing and part-timing for years and I’m playing catch-up. Plus London is expensive.
Would you say you have a good relationship with money? No, I’ve never had it and it’s also made me terrible at impulse control as well as constantly having to pay back huge interest. I can’t see myself ever buying a house or getting out of this as my credit rating is bad too.
Occupation: Marketing
Salary: £55,000
What is the reason behind your £0 balance? It’s mainly credit card debt from an unfinished master’s in London in 2017 (postgrad loan didn’t cover course and part-time earnings weren’t enough to live on). I chose to spend the first half of my 20s working abroad (earning in a currency that was in economic freefall) and then decided to spend my hard-won savings on expensive cosmetic surgery.
I’ve been overspending generally during the lockdowns thanks to poor impulse control and chose to live and work in London without the benefits of family money, inheritance or financial support from splitting bills with a partner. I was renting privately and exposing myself to the ruthlessness of London’s rental market and had to move every year for various reasons — usually outside my control, like landlords selling property — and these moves end up being expensive. I also chose to work in underpaid business sectors. I have only started earning over £50,000 since April 2022, after five years in London.
Have your savings always looked this way? If so, why? And if not, why not? I never had any savings before or during uni. I got into credit card debt at uni that I’d pay off each summer through extra work. Didn’t start saving properly until mid 2018. By the start of 2020 I had £15,000 in savings. It all went on surgery, shopping and paying off credit card debt, as well as moving costs.
Would you say you have a good relationship with money? Up and down. In the last few years I’ve learned to be less impulsive and spent time educating myself on personal finance. I didn’t start a pension until 27 but it’s fairly healthy now. I learned from a boss who owned a small business that cash flow is king. I’m starting to invest to give myself extra income streams. I think I’m less anxious than a lot of my peers when it comes to money in and money out. I hate tightness in people: sharing is caring.
Occupation: Traineeship, European Commission
Salary: €1,262 allowance once a month for six months
Have your savings always looked this way? If so, why? And if not, why not? Yes, coming from a working class background I think you’re less likely to have spare money in the bank for a rainy day. Any money you got was needed for new school shoes, laptops for university, and so on.
Would you say you have a good relationship with money? No. I inherited my dad’s budgeting skills, which means spend it while you can. I also think the lack of education around investing and saving money didn’t help me and I sometimes experience money guilt, when I have money and others don’t.
Occupation: Social media at a startup
Salary: £27,000
What is the reason behind your £0 balance? I pay for almost everything for my parents who are disabled. Growing up (and throughout uni) my family acquired a lot of debt so I would say 50% of my salary goes towards bills, food, debt repayments etc. I grew up very working class and although I would say I’m good with money, it’s hard to save if you don’t have that much to begin with.
Have your savings always looked this way? If so, why? And if not, why not? Yes for the most part, although I managed to save some money during university to pay for my master’s.
Would you say you have a good relationship with money? No. Despite my best efforts, it’s difficult for me to actually save because any disposable income I have I use to treat myself because I would hate to save (the little that’s left) and then die before I could ever use it. I’m a person who prefers to live comfortably instead of saving for inevitably going through a rough patch. Trying to save small amounts of money doesn’t make sense to me, I’d rather spend it on the now.
Occupation: Strategist
Salary: £45,000
What is the reason behind your £0 balance? I saved a bit during lockdown as I was living at home but then my salary was so low I needed to use the money to enjoy summer and go on holiday. Now I have a better paid job this shouldn’t be an issue and I’m hoping to begin saving properly.
Have your savings always looked this way? If so, why? And if not, why not? Yes. I’ve never been given money and found it hard to save as a grad in London.
Would you say you have a good relationship with money? Yes. Never spent above my means.
Occupation: Dentist
Salary: £84,000
What is the reason behind your £0 balance? I recently bought a dental practice.
Have your savings always looked this way? If so, why? And if not, why not? No, I used to be very good at saving! But this year my husband and I moved from a three-bed to a five-bed home (to accommodate my mum moving in with us) and bought two dental practices with a colleague. With all the increases in general life plus the need to make sure the business has enough cash to ride out the first few months, it means I’m out of savings.
Would you say you have a good relationship with money? No. Definitely always been a spender. If I have a goal I want to achieve, like buy a home or car, then I can save with an end goal in sight. However, day to day I spend far too much money on lunches, impulse buys, toys for my kid, random beauty products, and so on.
Like what you see? How about some more R29 goodness, right here?
I’m Skipping Meals Because Of The Cost Of Living
The Women Giving Up On The NHS & Going Private
House Sharing Is Actually Making You Miserable