Lack of savings leaves thousands at risk from large bills

A new survey has found that around six in 10 workers in the UK do not have sufficient savings to cover the cost of a large, unexpected bill.

The study of more than 10,000 employees, produced by the Yorkshire Building Society in partnership with Salary Finance, found that 60 per cent of people say they often face problems paying surprise costs.

The age group most likely to be affected by unexpected bills were those people aged 25 to 34, of which 69 per cent said they were regularly unable to meet payments.

Workers living in the South East of England and East Anglia had the best ability to withstand financial shocks, with 43 per cent of respondents from these regions saying they rarely or never struggled to pay unexpected bills.

In comparison, only 33 per cent of workers in Northern Ireland could say the same thing, making it the area with the lowest financial resilience.

Yorkshire Building Society Chief Executive, Mike Regnier, said: “Money worries can affect all aspects of peoples’ lives. As well as the personal cost, employers are affected too.”

Link: Lack of savings leaves thousands at risk from large bills