UK Money News
25th July 2008
Yorkshire Building Society warns of financial disaster
The majority of individuals living in Britain would see their savings last for 52 days if they were unable to work, new research reveals.
A study conducted by Yorkshire Building Society has revealed that while the average consumer would have enough money to live for 52 days, some 36 per cent of people would have enough funds for just 11 days.
Tanya Jackson, corporate affairs manager at the organisation, said the results offer an "alarming picture" of the current financial state of UK consumers.
"Finances for many are already finely balanced due to the rising cost of living and the research reveals that both state benefits and savings are not viable options for the majority of consumers," she said.
Ms Jackson added that it is worrying to see so many consumers living on the edge in regards to the state of their personal finances.
Earlier this week, Yorkshire Building Society confirmed it was reducing its mortgage rates.
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