Brits with next to nothing in their savings account could only survive for less than three weeks if their income was cut off, reveals research.
Over half of the UK have under £500 in their savings accounts and two in five have utterly empty savings accounts, a new report from Combined Insurance shows.
With the average employee paying out £954 a month on food, rent, bills and other expenses, it would only take 17 days until most working Brits would be overwhelmed with debt if they suddenly lost their source of income.
The situation is even more concerning for those in their 20s, with almost 50 per cent of them having nothing saved, leaving them to survive without an income for just four days.
Nigel Brittle from Combined Insurance says these findings show that many consumers are forgetting or ignoring the fact that they need to protect their financial commitments such as debt repayments, mortgages and general daily expenses.
He says that workers should consider boosting their savings account in case of an emergency as well as considering taking out some form of insurance to cover expenses if they suddenly lost their income.
"For little more than the price of an average take-away, people could take steps to have the peace of mind knowing that if the worst should happen, they and their family are able to make ends meet," he advised.
Poor savings mean Brits could only live for 17 days, suggests research
Poor savings mean Brits could only live for 17 days, suggests research
Wed, 17 May 2006
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