Britons lack money to deal with emergencies

The majority of adults in Britain would be unable to cope with a sudden financial crisis, a survey has found.

More than nine in ten people questioned by building society Birmingham Midshires said they do not have enough savings to cope with looking after an elderly relative.

And eight in ten said they would have difficulty providing for their family if they were to suddenly lose their jobs ñ with the problem being particularly marked in the under-35s.

A further eighty per cent said they would struggle to find the money to bring up a child should they or their partner suddenly fall pregnant.

Jason Robinson, director of savings operations for Birmingham Midshires, commented: “It is alarming that so many people could struggle if hit by a financial emergency or unforeseen cost.”

He added: “Without an accessible savings pot set aside for that ‘rainy day’, short-term financial costs can leave families with severe difficulties.”

Meanwhile, savers in more deprived areas may be pleased to hear that the government has allocated a fund of £6 million to help the growth of credit unions in such districts.

© Adfero Ltd

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