Need for debt help five days away
14/10/201015 million Britons are five days or one disaster away from needing debt help, according to new figures.
HSBC has discovered that 30 per cent of British adults have less than five days' average pay in their savings, including 19 per cent who have no savings at all.
And it appears that 25 to 34 year olds are most in danger of needing to find debt solutions if they have to pay for a new oven, fridge or car, as four-in-ten (41 per cent) have less than £250 in their bank account.
HSBC's head of savings, Richard E Brown remarks that "these findings demonstrate a worrying lack of preparation amongst UK residents.
With the current climate of uncertainty, it is of utmost importance that people are setting aside a realistic sum of money to be used in emergencies."
Director of Atlantic Financial Management Kevin Still says, "For many indebted Britons, a lack of savings coupled with an expenditure shock could lead to a need for debt solutions, such as a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA)."
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