Britons Don't Save Contingency Funds
Research by Alliance and Leicester suggests Britons don't set aside savings for minor household emergencies
11th August 2005
Most Britons would be unable to cope with minor household emergencies such as having to replace a cooker or fridge, as they don't have savings set aside for such unexpected bills and expenses, according to research by banking group Alliance and Leicester.
The survey suggests that only 28% have set money aside which they could use.
A quarter of people would not be able to cover an unexpected bill of just £100, while a substantial majority - 72% - would struggle to find £1000 in a hurry.
37% of survey respondents said that cashflow had already prevented them from replacing an essential item such as a refrigerator, while 20% would finance the replacement using credit.
Alliance and Leicester's savings manager Mike Woodward said that it was 'pretty shocking' that so many people had their 'heads in the sand' over their contingency savings, and recommended that people put a small sum away each month.
Preferably in one of his bank's accounts, presumably.
Read More: Money Guardian : Britons have their 'head in the sand' over savings
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