Half of households lack rainy day fund

Analysis suggests that around 13% of households do not have a rainy day fund, while a third have just £200 set aside for an emergency. A poll from heating installation firm Boxt shows that as many as 53% of households do not have the minimum recommended savings in order to cope with unexpected costs. It is recommended that emergency funds should equate to at least three months' take home pay, with many experts suggesting that six months' salary should be set aside. The poll shows that the average emergency fund as is currently £1,983. 

The Mail on Sunday (13/10/2024)