Britons unprepared for financial emergencies
Sunday 17 October 2010
Nearly a third of UK adults have less than £250 in savings according to research from HSBC bank.
This is the equivalent of only five days' average take-home pay while the recommended minimum is three months – £4,683. Those aged between 25 and 34 are the least prepared for a financial buffeting: 41 per cent have less than £250 in savings, and with a quarter saying they have nothing set aside at all. Women are far less prepared than men, 20 per cent admit they have no savings and 13 per cent have less than £250 compared with 17 per cent and 9 per cent of men respectively.
Across the UK, people in the North-west are least likely to have any savings set aside at all, with a quarter admitting they had no financial safety net whatsoever. Meanwhile, one in five British homeowners say that they would not be able to pay their next monthly mortgage repayment if they lost their job.
"These findings demonstrate a worrying lack of preparation among UK residents. With the current climate of uncertainty, it is of utmost importance that people are setting aside a realistic sum of money to be used in emergencies," Richard Brown, head of savings at HSBC said.
- 1 What, let gays get married? We must be bonkers
- 2 Rocky Horror star Tim Curry 'suffers major stroke'
- 3 Exclusive: How MI5 blackmails British Muslims
- 4 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
- 5 Exclusive: Woolwich killings suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.
Day In a Page
A modern home of almost 1,000sq ft is close to Stoke Newington's high street. £499,950
A five-bedroom bungalow in Hoveton with riverside garden and mooring dock, £550,000
A refurbished one-bedroom flat with south-facing reception and high ceilings. £579,950
A four-bedroom Grade II-listed house in Nazeing with large gardens. £550,000
A modern four-bedroom house in a converted stable within walking distance to Peckham Rye. £695,000
Three-bedroom house in a quiet residential area within close distance to Battersea Park. £450,000
A three-bedroom cottage within commuting distance of London, Norwich and Cambridge. £250,000
A two-bedroom cottage with a sun room and gardens in South Chard. £350,000.
A three-bedroom semi-detached house with original features including fireplaces and wooden flooring. £399,950
A modern two-bedroom flat split across two floors and close to several public transport links. £595,000
A one-bedroom flat with an open-plan reception/kitchen and private balcony. £315,000.
A bright two-bedroom garden flat between South Acton and Chiswick Park. £499,950.
A listed four-bedroom farmhouse with stables, set in four acres. £500,000.
A three-storey family home with four bedrooms and an extended kitchen/diner. £995,000.
A three-bedroom Hamstone cottage in the rolling Somerset countryside. £430,000.
A luxury one-bedroom apartment on the first floor of a converted Victorian house. £425,000.