Many UK households have very little put away for a rainy day, with almost half either having no savings at all or no more than £1,500 in their savings account, according to new research.
The Department for Work and Pensions gathered these statistics in an effort to find out how prepared families were in the event of unexpected financial problems such as unemployment.
Its findings come as concerns grow over the increasing level of household debt, which could have a long-term detrimental effect of the economy.
Indeed, many people are opting to extend mortgages to try and to pay off credit card bills as the level of household debt soars.
The survey also found that seven out of ten families received some form of benefit from the government, such as incapacity benefit or tax credits.
However, the research did reveal that 96 per cent of households did have one type of savings account, with the current account being the most popular.
Families lacking sufficient savings, survey shows
Families lacking sufficient savings, survey shows
Mon, 20 Mar 2006
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