‘In case of an emergency’ – More than half of UK consumers set to use up emergency fund as cost-of-living crisis bites
- On September 2, 2022
- By GrowthInvest Marketing
Having money set aside can help to provide protection against abrupt financial changes, and the recent years have shone a light on the need for a financial safety net. New research from Charles Stanley reveals that three quarters (71%) of UK adults have an emergency fund, with the average fund able to last four months and three weeks.
However, the current cost-of-living crisis is putting those emergency funds under threat. More than half of consumers (54%) are worried that the current economic environment will lead them to use up all of their emergency savings, leaving them unprepared for any future crises.
Using emergency funds
The average emergency fund would last just under five months. 28% of people claimed it would cover between two weeks and two months of expenses. 10% said it wouldn’t last two weeks, whilst 22% chose over three months.
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