UK families are facing a worrying £5,000 shortfall in emergency funds as we head into the winter months. Financial experts advise having an emergency fund equivalent to at least three months of your income, which is just over £7,000 based on the average salary.
However, research from BOXT reveals that the average family has only £1,983 saved for unexpected repairs or costs, which is more than £5,000 less than the recommended amount.
A third of adults have less than £200 in emergency funds, while 13 percent of those surveyed had no savings at all, equating to 5.5 million people nationwide.
Ryan Gill, lead engineer at boiler installation group BOXT, cautioned: "Winter is a time when household emergencies can strike unexpectedly - whether it's a boiler breakdown, burst pipes, or heating issues due to colder temperatures.
Read more on manchestereveningnews.co.uk
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.