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Set aside a 'rainy day' savings pot

Brits urged to set aside a savings pot of between three and six months expenditure

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22 November 2011

Set aside a 'rainy day' savings pot”

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UK credit card holders have been urged to set aside a savings pot to help protect them against a sudden loss of income.

Yvonne Goodwin, managing director of financial advisory service Yvonne Goodwin Wealth Management, advised workers to start saving straight away to ensure they are financially stable if they become unemployed.

She said: "Everyone should start building their emergency fund as soon as they start working - after all, if they haven't earned money before, then they won't miss it. A sensible amount to build is between three and six months expenditure."

Ms Goodwin added that many Brits have not purchased income protection policies as they distrust providers who have mis-sold them in the past. However, the financial expert pointed to recent studies which have shown that more UK consumers will have to claim on their income protection policy than on a life assurance policy.

A recent survey conducted by online income protection insurance provider British Insurance showed that over 17 million UK workers are concerned about their job security.

Posted by Sarah Nyman

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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