A new report from First Direct, the bank, warns that one in three UK households have less than £250 in accessible savings.
The bank said that £250 is the equivalent of three days’ average monthly household take-home pay.
With average monthly outgoing currently at £1,536, these savings would last just five days.
Those aged between 25 and 34 are the least prepared for financial emergency, First Direct said after a survey of over 1,000 households.
Bruno Genovese, head of savings at First Direct, said: “These findings demonstrate a worrying lack of financial preparation among the British public. With the current climate of uncertainty, it is of utmost importance that families are setting aside a realistic sum of money to be used in emergencies.”
He said that as a “general rule”, it is advisable to have three months’ salary set aside in accessible savings for a rainy day.
A quarter of all people surveyed said that they would expect a partner to cover them if they were made redundant.
http://www.telegraph.co.uk/finance/personalfinance/9003467/Six-million-households-have-only-five-days-savings.html
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