Jun 19 2007
British consumers have been urged to save for the unexpected after new research has shown people across the country are regularly obliged to pay out for bills they had not budgeted for.
Figures from Abbey demonstrate that British consumers have collectively made payments for unexpected charges totalling more than £48.7 million over the course of the last 12 months.
And experts at Abbey are convinced the research shows the importance of saving for unforeseen circumstances as millions of people turn to money they have put aside to pay off bills they had not planned for.
"You never know what life is going to throw at you. However, you can prepare for the unexpected through building up a 'buffer savings fund' to help deal with these shock events," said Reza Attar-Zadeh, head of savings at Abbey.
"Most experts recommend that you build up a fund of at least three months salary in an instant access cash account."
The government is keen to see people across the country invest in a child trust fund to save an amount that will help their sons and daughters deal with the financial pressures they are likely to face as young adults.
