Have you set aside enough money for an emergency?
According to an HSBC survey of 1,000 UK households, almost a third of UK homes have set aside less than £250 for an emergency. Experts recommend that people save a minimum of three months pay to comfortably live on should an accident or sickness occur. For the average UK worker, this number is around £5,756.
The survey further reveals that a fifth of homes actually have no savings at all and 12 percent have less than £250. With average monthly household expenses at around £1,669, these savings would last a household only five days.
“These findings highlight a lack of financial preparation among the British public that appears to have worsened slightly over the past year,” Bruno Genovese, Head of Savings for HSBC, described. “In today’s uncertain economic climate, it is important that families are setting aside a realistic sum of money to be used in emergencies.”
Since last year, households with savings of less than £250 have grown by 750,000 to exceed eight million.
For more information on the HSBC survey or to read the original article posted by The Independent, please click here.