32% `have no emergency savings`

9 April 2009

A new study from National Savings & Investment (NS&I) has suggested that 32% of Britons do not have savings that could help them in a financial emergency.

In its latest savings survey, NS&I found that people felt they would need £5,368.70 on average to get them through an unexpected financial crisis.

NS&I also found that 22% were saving but did not keep their emergency fund separate from their main account - and added that this could lead to the temptation to use savings for non-essential expenses.

A debt expert for Think Money said that not saving enough could leave people open to future .

"As well as offering security for the future, savings provide a `safety net` for anything unexpected that may arise. Having adequate savings can make the difference between getting through a difficult patch and falling into debt."

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