
How to appeal unfair parking tickets
• 5 years agoParking fines can be expensive and unexpected. They are a surprise that none of us… Read more »
m We will only use this infomation for the mailing list you have signed up for and will never pass your infomation to any other companies.
Call now for free (including mobile)
A new report from Legal and General has highlighted that the average employee only has enough money in their savings to maintain their current lifestyle for a month if they were to suddenly lose their income. The survey of 2000 people found that savings would last 32 days on average for employees across the UK.
This latest research has raised concerns that the UK is suffering from ‘a savings and protection gap’ which is harming the financial stability of many households up and down the country. This is highlighted when 26% of those surveyed said they would run out of their savings in a week or less and 23% said they have nothing set aside currently.
Northern Ireland and Eastern England fare the best when it comes to the amount of money they have to fall back on with 36 days’ worth of savings and 35 days respectively. Whereas Wales and South East England would struggle to see out a full month quoting 26 days and 29 days for their savings to last on average.
Many financial advisers recommend people have at least three months of salary to fall back on should something such as a redundancy occur and they find themselves without any money coming in.
Head of intermediary development for Legal and General, Richard Kateley, commented on the findings of this recent survey; “We merely rent our lifestyles and we pay each month for it through our earnings. Take away those earnings and it may not just be your house that you are thrown out of, but your entire lifestyle.”
It is thought that many of the people with little or no savings to fall back on are in low wage jobs and therefore struggling to meet their bills and debt repayments which makes saving even more difficult. However, there are ways that you can build up a savings fund on a tight income and deal with any debts you may have.