Legal & General urges people to use savings accounts to cover bills

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Legal & General urges people to use savings accounts to cover bills

A source from Legal & General has encouraged consumers to ensure they can cover unexpected bills by putting money aside in savings accounts.

Mark Gregory, executive director of savings at the company, suggested adopting this strategy will help individuals to avoid the impact of "nasty surprises".

Research by Legal & General shows the top reasons for receiving an unexpected bill are having to repair a car and the maintenance of household devices.

"It makes sense for households to look at their budget and get into the habit of saving a small amount each month," said Mr Gregory.

In his view, it has never been more appropriate to save for a rainy day, since the company's recent MoneyMood Survey showed 30 per cent of consumers have to find extra cash from outside of their budgets when an unexpected bill arrives.

Last week, Legal & General urged people to do a thorough check of their home before extreme winter weather kicks in to make sure there are no draughts or gaps for rain to enter a property.

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