Six million households have less than £250 in savings
Over a quarter of UK households only have enough savings to last five days
Six million households have less than £250 in savings”
Around six million households in the UK have less than £250 in accessible savings, according to new research.
A survey by First Direct has revealed that 21 per cent of Britons have no savings set aside at all, while seven per cent have less than £250 in an easy-access account.
The bank revealed that £250 is the equivalent of just three days' average monthly household take-home pay and, with average monthly household outgoings currently £1,536, these savings would last just five days.
Respondents aged between 25 and 34 are the least prepared for losing their source of income, with 39 per cent having less than £250 in savings and 30 per cent saving nothing at all.
Bruno Genovese, head of savings at First Direct, said: "These findings demonstrate a worrying lack of financial preparation among the British public.
"With the current climate of uncertainty, it is of utmost importance that families are setting aside a realistic sum of money to be used in emergencies."
As a general rule of thumb, he added that Britons should set aside three months worth of salary in a 'rainy day' fund.
Posted by Jack Ramsey
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