The facts about working class savings (1945)

From the June 1945 issue of the Socialist Standard

The Institute of Statistics, in the issue of their Bulletin dated January 13th, 1945, publish the results of an inquiry into working class savings, undertaken by the British Institute of Public Opinion in the Spring of 1944. The inquiry was based on a sample of 1,153 working class families chosen at random and distributed throughout the country. Taking into account all money savings in Cash, Savings Banks, Savings Certificates, Government Bonds, Co-operative Societies, Building Societies, etc. (but excluding savings in the form of house property and insurance policies), it was found that the total savings of over half the families amounted to £50 or less; and three-quarters of the families had £100 or less. Only about one family in eight had more than £200. The cautious conclusion reached is that “the results of the inquiry—after allowing for errors inherent in this sampling method—do suggest that the bulk of the working class population have comparatively insignificant holdings of money-savings."

The reason is, of course, that the working class only receive about sufficient to meet day to day expenses, and the campaigns of the National Savings Committee are largely wasted as far as members of the working class are concerned.

P. S.