Britons can cater for life change with Birmingham Midshires account

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Britons can cater for life change with Birmingham Midshires account

Thu 29th Mar 2007

Britons are being encouraged to make regular savings into a competitive bank account so that they can financially deal with any eventuality.

According to new research carried out by Birmingham Midshires, 95 per cent of adult Britons could not financially cope with the expense of caring for an older relative.

Of the 2,000 people surveyed, some four-fifths also said they would not be able to cover the costs of bringing up a new child.

Young people are most likely to suffer the effects of inadequate financial planning, the research shows, with 97 per cent of people in their early 20s struggling to care for their parents.

Jason Robinson, director of savings operations for Birmingham Midshires, said: "By putting aside a small amount every month, it is possible to build an adequate nest egg which will safeguard people from those of life’s eventualities which are often guilty of pushing us into debt."

"We would recommend people have the equivalent of three months' salary tucked away to use as a financial buffer should the need arise," he added.

Birmingham Midshires accounts are available in a number of different formats.

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