51% of UK households lack recommended 3-month emergency savings, averaging £1,983 (28% advised).

More than half of UK households lack the recommended emergency savings, which should cover at least three months of take-home pay. As of September, the average fund was only £1,983, or 28% of the minimum advised. The North East had the lowest savings, while the East Midlands had the highest. Despite this, 41% of homeowners are planning to increase their savings to manage unexpected costs. Women face more challenges in saving for emergencies compared to men.

October 12, 2024
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