Report Highlights Inadequate Savings Levels
One in 5 don't have enough savings to survive more than a month without a job
22nd September 2005
A report by Sainsbury's Bank suggests that 20% of people don't think they have enough cash put aside to survive off their savings for more than a month if they lost their job.
A further 21% estimate they could survive for between 2 and 3 months, while 8% say they have no savings at all.
The picture may not be quite as worrying as it's painted though, as the report also says that 31% of people have enough savings to live off for 12 months or more.
Sainsbury's savings business manager, Pauline White, commented:
"We urge people to ensure they have emergency savings not just to protect themselves if they were to lose their job but to cover any unforeseen circumstances such as having to help out friends or family or paying emergency car repair bills"
The results came from a survey of 616 people conducted on behalf of the bank.
Read More: Sainsbury's Bank Press Release
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