Savings accounts vitally important, says HSBC

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Savings accounts vitally important, says HSBC

HSBC has stressed the importance of people building up savings, saying that it is worrying how little many people put aside.

Head of savings at the company Richard E Brown highlighted how uncertain the current economic climate is, making it all the more vital that individuals have a store of cash to fall back on in case of emergencies.

"By putting away a small sum each month Britons can help themselves build up an emergency savings pot as provision for any eventuality," he said.

Mr Brown's comments were made following the publication of HSBC research, which showed that 30 per cent of adults in Britain have less than £249 saved up, with 19 per cent having nothing at all.

In his opinion, people need to be better prepared for a worst-case scenario.

Last month, the company released a study showing Britons' lack of knowledge of the country's tax system, with 54 per cent of respondents not knowing their income tax code.

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