Quarter of Brits ‘unprepared for financial emergency’

Posted 2008-05-27

One in four Brits do not have a financial safety net to help them through an emergency, it has emerged.

A recent poll by credit card company Egg also highlighted that a further 52 per cent dont have enough savings to see them through the four months on average it takes to find a job after redundancy.

Some 69 per cent of respondents admitted to needing a cash injection to help them deal with unforeseen circumstances such as car or home repairs or being out of work.

Tobias van der Meer, head of banking and investments at Egg, noted that families should have at least three months income in a savings account to help cope with an emergency.

“However, our research highlights that far from being a precaution, these savings are a necessity, with two thirds of people likely to need quick access to a lump sum as an emergency,” he added.

Meanwhile, in related news, research conducted by Alliance & Leicester Current Accounts has shown that some 35 million UK residents have made a financial cutback recently in an attempt to save money.

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