Too few UK consumers have sufficient savings for emergencies, according to new research.
New research from National Savings & Investments (NS&I) has revealed that almost a third of the British population are financially unprepared to cope with unexpected events.
The findings showed that 32% of people said they did not have savings set aside to deal with an emergency, such as long-term illness or redundancy.
The survey also found that Britons believe the average amount each person would need to ensure peace of mind in an emergency is £5,368.70 – the approximate equivalent of four months of the average person’s take-home income.
Which? senior researcher Martyn Saville says: ‘If possible, consumers should try to set aside at least three months’ salary so they have an easily-accessible rainy-day fund to dip into in an emergency.’
To find out the best savings account or instant access ISA for you, visit the Which? guide to Best Rate savings accounts.
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