Interest Rates at 3%

I agree - for example over 50% of UK properties are owned outright.

Some people have savings that they don't call savings e.g Money being saved for future pension income in money purchase schemes or SIPPs.

In the past it was said Building societies needed around 7 savers to fund one mortgage.
Savings in pension scheme are not accessible until a certain point

You could say equity in a home is savings….
 
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