article_snippet: The financial crash has left the poor even poorer than they were before the recession – while the rich have got richer, a new report has revealed.
article_snippet: The poorest families meanwhile have seen a collapse in The poorest families savings and higher debts than before the downturn, a report by the Social Market Foundation think-tank found.
article_snippet: a new report said those aged 25 to 36 and those on the lowest incomes are 'ill-prepared for future financial shocks or rises in interest rates', limiting the capacity of consumer spending to fuel growth in the UK economy.
article_snippet: a new report cast doubt on claims that the UK population as a whole had reined in spending in order to pay off debts and build up savings in response to the crash.
article_snippet: By contrast, the 20 per cent on the lowest incomes were unable to pay off debts and start saving.
article_snippet: The amount being saved by families has steadily fallen since the Coalition took over, as people dip into people savings .
article_snippet: The intergenerational gap in incomes and wealth widened over the same period, as the amount of savings held by 26-35 year-olds fell by 36 per cent.
article_snippet: The report's co-author, SMF chief economist Nida Broughton, said: 'Our findings show that the wealth gap between rich and poor and young and old increased further during the downturn. '
article_snippet: The economic uncertainty following the crisis prompted many to pay down the wealth gap between rich and poor and young and old increased further during the downturn debts and build up the wealth gap between rich and poor and young and old increased further during the downturn savings.
article_snippet: But the young and those on low incomes missed out. '
article_snippet: Greater support is needed to help those on low incomes prepare for the future; yet this will be a challenging feat.
article_snippet: It is likely that the process of repairing their personal finances will only begin once sustained wage growth materialises.'
highlights_snippet: Poorest families meanwhile have seen collapse in Poorest families savings since 2005 .
  