Thursday 9th of April 2009
Many Britons do not have any money set aside to allow them to cope if a financial emergency were to arise, research has found.
A poll by National Savings and Investments (NS&I) revealed that 32 per cent of people are not prepared for situations such as redundancy or ill-health.
Such occurrences could leave consumers needing IVA advice or debt management help, should a loss of income affect their ability to meet obligations.
With the average person estimating that they would need almost £5,370 if a crisis were to occur, the financial provider urged caution.
"We all face the possibility of situations that we simply have no control over - so it’s essential that we are all prepared for any emergency that will require immediate access to money," said NS&I senior savings strategist Dax Harkins.
Earlier this week, the British Chambers of Commerce predicted that redundancies will continue to rise, with unemployment set to peak at 3.2 million in the third quarter of 2010.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Parents' debt management problems 'due to recession'
