4 Months to Live (if you become Redundant)

Only half of British workers could live off their savings for four months if they were made redundant, which is the average time that a person would be out of work.

Research by online bank Egg shows that the average person would need a minimum of £1,077 to meet their essential bill payments and excluding any luxury items. This figure reached £1,476 for those living in the South West, down to £952 for those living in Yorkshire.

Head of Consumer Banking and Investments, Tobia van der Meer says: “As a rule of thumb, it has long been considered sensible for families to have cash savings of at least three months income, for any of life’s emergencies.”