Crisis cash considered too costly for BritsNS&I research finds nation wanting in emergencies

08 April 2009

Too few UK consumers have sufficient savings for emergencies, according to new research.

National Savings and Investments

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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