Almost half of working Brits have virtually no savings

The startling figures show how many people are on the brink of financial trouble (Picture: PA)

A new report detailing the worrying state of Brits’ personal finances has raised fears of a national debt crisis.

Just under half of working-age Brits have less than £100 in savings, and more than 17 million people fail to pay off the monthly balance on their credit cards.

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The figures were included in a new report by the Financial Conduct Authority and act as a warning to millions of people across the country.

John Mann, a Labour MP and member of the Treasury Select Committee, told the Daily Mail: ‘There is a huge crisis with personal debt that the government has ignored for far too long.

‘We need to make sure that vulnerable customers are not taken advantage of.’

File photo dated 18/09/12 of bank notes and coins. One in four people retiring this year will still have debts to pay off - and some fear they will never clear what they owe, a report has found. PRESS ASSOCIATION Photo. Issue date: Friday February 17, 2017. Some 25% of people planning to retire in 2017 expect to do so in debt, owing an average of £24,300, Prudential found. See PA story MONEY Retire. Photo credit should read: Dominic Lipinski/PA Wire

People are struggling to save (Picture: PA)

The report quotes shocking data unearthed last year by the Money Advice Service.

It found that 16 million Britons – 40 per cent of the working-age population – have less than £100 in savings available to them in instant access accounts.

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And more than half (58 per cent) of the 30 million people that use credit cards are unable to pay their balance each month.

The ability for people to save has diminished in recent years, and it’s partly due to banks rapidly reducing interest rates.

As recently as 2009, banks’ interest rates were at five per cent – but it has been cut down since then and fell to a low of 0.25 per cent in the wake of last year’s EU referendum.

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