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HL launches savings and resilience barometer

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said during the pandemic those on lower incomes, younger people, and renters, all faced major challenges to keep their head above water. 

But said it was not just these vulnerable groups with worrying gaps in their finances. 

“The barometer delves into how every group measures up against the five pillars of financial resilience, and produces some unexpected findings,” she said.

“So, for example, it identifies that even among high income families, a surprising number don’t have enough rainy day savings or aren’t on track for pension savings for their time of life.

"Meanwhile almost half don’t have enough life cover to protect their families. They’re also exposed to variable rate borrowing, which could leave them vulnerable at a time of rate rises.”

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