Save to ride out unemployment, the Motley Fool advises
www.moneynews.co.uk > General finance > Save to ride out unemployment, the Motley Fool advises
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Save to ride out unemployment, the Motley Fool advises
Wed 14th Oct 2009
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David Kuo, director of the Motley Fool, made his comments as the Office For National Statistics published its latest labour market statistics.
It found that the number of people out of work increased by a total of 88,000 during the three months to August. The total figure now stands at 2.47 million.
Mr Kuo said that unemployment is one of the "unfortunate consequences" of a period of economic turbulence such as a recession and advised people to put a contingency plan in place so that the effects of unforeseen events can be mitigated.
"It is vital that we live each day expecting to lose our jobs tomorrow. We should put away at least six to nine months of expenses in case we do," he continued, noting that financial anxiety is caused by a lack of money to pay bills.
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