Britons unprepared for financial emergencies

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The Independent Online

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.

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