Britains Need To Save More!

According to research by banking giant HSBC, the one in every three Britons could not survive a week on their current savings.

The pessimistic research reveals that a third of Britons which amounts to fifteen million of us have a less than desirable amount in our savings accounts: £249 or less to be precise. The amount is equated to the average Britons’ take-home salary after a 5-day week of working

The research also shows that 11% of us have some savings but these unsubstantial amounts are less than £249 and surprisingly, almost 20% of us have absolutely no savings at all. This is despite the fact the government advice that the minimum amount of savings one has should be equivalent to three months pay, which at the average pay amount, would be equivalent to £4,683. This is the recommended amount to cover people for unforeseen circumstances such as redundancy, job-loss, illness or anything else.

News that can be read alongside this worrying data is the fact that those claiming jobseekers allowance has increased to 1.47 million which show the fastest rate of increase since January.

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