UK Money News
10th June 2008
Cash-strapped Brits unprepared for emergencies
Millions of Britons have made no financial provisions for domestic emergencies, a study has revealed.
A poll from Alliance & Leicester found that 67 per cent of Britons currently have no savings they could use in the event of a household accident.
Of these, 16 per cent would be forced to rely on credit to see them through, while five per cent would be forced to ask for money from a family member or friend.
Hetal Parmar, manager for savings at Alliance & Leicester, expressed concern at the findings and urged people to take action to address the situation.
He said: "The reality of being a homeowner means that at some point you will inevitably have to pay out for repairs such as broken boilers and faulty appliances.
"We would encourage people to start saving sooner rather than later to avoid a basic household emergency becoming a financial headache."
Among those who did had accumulated savings, just one in three would be able to cover a bill for a major expense of £1,000 or more, such as a new boiler.
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