UK residents should keep six months' salary in savings account, in order to plan for unforeseen financial difficulties such as job loss, an expert has claimed.
Jonathan Akerman, a spokesperson for National Savings and Investments, has stated that while many Britons have a "healthy savings ethic", immediate financial commitments such as repayment of debt or mortgages means that many cannot afford to contribute to savings accounts.
"It is widely known that many people in Britain are not financially prepared for the future," Mr Akerman asserts.
Mr Akerman states that financial institutions already work hard to promote the importance of savings accounts, claiming that the responsibility is with consumers.
"All financial providers, financial industry associations, financial education providers and Independent Financial Advisor trade bodies do a very good job of promoting the need to save and the message is clear."
The expert advises that by carefully examining finances and evaluating which areas could be cut back on in order to create extra funds to divert to a savings account.
Mr Akerman was commenting in the wake of Prudential's poor savers survey, which claims that many Britons could be 30 days from "financial crisis" if they lost their income.
Britons should have six months' salary in savings accounts, expert advises
Britons should have six months' salary in savings accounts, expert advises
Thu, 10 Aug 2006
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