Savings Are Very Important Say Egg

Published: 5/30/2010

According to a survey by the owner of the Egg card, only around half of employees in the UK have savings that would cover them for at least 4 months. This is the average time people find themselves between jobs for having been made redundant.

Egg also looked at the amount of money needed to live in the UK today, which works out to GBP1,077 per month, without any luxury purchases included. So four months at this level should be the minimum level of savings held by people in the UK. As stated then half the UK working population would be unable to sustain themselves if they found themselves out of work.

An Egg card spokesman urged people to seriously consider their own situation as finding themselves in a position where they are unable to meet their monthly bills would be disastrous for many families.

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