Loan News Brits '30 Days From Financial Ruin' 17467393
Brits ’30 days from financial ruin’
14 August 2006
The results of a survey conducted by the financial group showed that the equivalent of 2.9 million Britons felt in “imminent danger” of losing their job, while over one-third (36 per cent) of the UK population had little or no savings to fall back on.
Rachel LeBrocq, a spokesperson for the Building Societies Association (BSA), said that people should always maintain a savings and investment habit as something to fall back on if and when times get hard.
“I think the key point this raises is that everyone should try to build a savings nest egg as life doesn’t always run smoothly,” she said, noting that a sudden drop in income or loss of employment has the potential to severely upset the proverbial applecart.
Ms LeBrocq said that “getting [into] the savings habit” from a young age was important, as people could reap the benefits throughout their lives by sticking to a savings mantra in later life.
“BSA research shows that 45 percent of child savers stayed with their society into adulthood, as savers,” she concluded.
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