UK Money News
28th May 2008
Brits unprepared for financial shocks
Millions of Britons are unprepared to weather a change in financial circumstances, a new survey has found.
In a poll conducted by online bank Egg, it was found that only half of those polled could live on their savings for fourth months – the average time it would take them to find employment if they lost they job.
More worrying still, 25 per cent of these have no financial safety net whatsoever, leaving them especially vulnerable should the ongoing economic crisis translate into mass job losses.
Tobias van der Meer, head of consumer banking and investments at Egg, said: "As a rule of thumb, it has long been considered sensible for families to have cash savings of at least three months income, for any of life's emergencies.
"The best way to ensure a savings pot goes as far as possible on any emergency is to make certain the deposit account pays a high rate but also allows easy access."
Respondents to the poll said the average sum they would need to live on, even after cutting out luxuries, was £1,077 per month.
back to May's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
