Brits unprepared for money crisis

Millions of us are not handling our banking very well, meaning that we are not prepared for a financial crisis.

According to Birmingham Midshires, a large majority of us are not putting money aside in preparation for a change in out circumstances.

The firm carried out research into the matter and found that a staggering 95 per cent of us fear we would be financially crippled if we had to care for an elderly relative in old age.

The unexpected birth of a child would also leave many of us struggling, with 86 per cent saying that they would not be able to afford to bring up a child.

Redundancy is another area of concern, with 80 per cent admitting to being financially unprepared should the worst happen.

London is the region that would be most affected by redundancy as 82 per cent claim that they could not support their family in the short-term without their regular wage.

“It is alarming that so many people could struggle if hit by a financial emergency or unforeseen cost,” warned Jason Robinson from Birmingham Midshires.

“We are concerned about people’s liquid wealth – the money that should be available to them in a financial emergency.

“Much is talked about the need for saving for the long-term, but without an accessible savings pot set aside for that rainy day, short-term financial costs can leave families with severe difficulties,” he added.

The best advice for building up your liquid finances is to put a little aside from each pay cheque and do not use it until necessary.

Tags: Pound sterling, crisis, need, pot, Business Finance, money, accessible savings pot