Egg: Savings needed to cover every eventuality

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Egg: Savings needed to cover every eventuality

Egg has found that only half (52 per cent) of British workers could live off their savings for four months, which is the average length of time people are out of work after they have been made redundant.

The online bank's research revealed that £1,077 a month is the minimum an average Briton needs to meet essential bills and repayments, after cutting out luxuries.

Despite this expense, it claims that a significant number of people have inadequate cash savings to support themselves or their family if they lose their job.

According to the study, 69 per cent of Britons have needed a cash injection in the last ten years to cover an unforeseen expense, at an average cost of £2,282.

Tobias van der Meer, head of consumer banking and investments at Egg, said:
"As a rule of thumb, it has long been considered sensible for families to have cash savings of at least three months income, for any of life's emergencies."

Yesterday, Nationwide reported that 90 per cent of Brits think saving is important.
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