Salary Finance recently commissioned a survey in the UK, looking to try here and there to see how Brits feel about their financials.
According to their new survey, which asked 2,000 respondents, a lot of Brits worry about their current financial situation, with three-quarters of the polled people responding as such. One in five of the respondents revealed that they have no savings at all to fall back on in case of emergencies.
Two thirds of the respondents said that they are worried about what they would do if their lose their job or get slapped with an unexpected bill.
CEO of Salary Finance, Asesh Sarkar, says that money worries plague about 40% of employees in the UK, adding that, for those that already live from payday to payday, the idea of something unexpected rolling along, such as sudden loss of employment or a huge bill, can be a big source of stress.
He explains that saving for a rainy-day fund is tough for difficult for a lot of people; if it were easy, pretty much everyone would have one. However, despite its difficulties, it can be worth it to try here and there to save up for a rainy day fund, as they can take a lot of the pressure off and help avoid hefty loans, especially if something goes wrong, and can alleviate financial worries.
The study also noted that one in four respondents believe that they would struggle if they faced a long period of unpaid or statutory sick live, while 23% would not be able to cope with the hefty costs of having a broken boiler.
Others expressed concern about:
- Unexpected car repairs (26%);
- Large utility bills (22%);
- Christmas (17%).
However, less than 14% of the respondents said that they have less than £100 put aside for emergencies, while 39% have less than £1,000.
The study also noted that employed adults believe that their savings would last them, at the most, about five weeks should their lose their job. One in 20, meanwhile, believe they would have trouble getting through a week.