Britons need to boost the amount of money they have in savings accounts if they are to avoid financial disaster, it has been claimed.
According to research by Yorkshire Building Society, the average person has only enough savings to last for 52 days if they were unable to work.
It also found that 36 per cent of people would only be able to last for 11 days, with less than £500 available to them in savings accounts .
Tanya Jackson, corporate affairs managers at Yorkshire Building Society, said: " Finances for many are already finely balanced due to the rising cost of living and the research reveals that both state benefits and savings are not viable options for the majority of consumers to rely upon for an adequate length of time."
For this reason, those without adequate savings might want to consider taking out income protection products, she added.
Last week, Nationwide Building Society launched a savings bond offering a return of 6.8 per cent a year gross.
Warning over low savings levels
Warning over low savings levels
Mon, 28 Jul 2008
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