52 Days Until Debt-Fueled Lifestyle
Suddenly finding yourself out of work would leave only 52 days until the average Brit has run out of money. This research by the Yorkshire Building Society highlights how debt-ridden Britain is, as we are shunning our savings plans in order to afford day-to-day living costs.
Monthly outgoings average at £1,445 but the average Brit only has £2,474 in accessible savings.
More worryingly, 36% admitted that they had less than £500 saved, which equates to just 11 days living expenses before they would have to seek debt advice as they have simply run out of funds.
Tanya Jackson, corporate affairs manager, said: “Finances for many are already finely balanced due to the rising cost of living and the research reveals that both state benefits and savings are not viable options for the majority of consumers to rely upon for an adequate length of time.”
Those most vulnerable were divorced people who had a savings pot which would last them approximately 35 days, followed by part time workers and young people. Widowed people could survive the longest, averaging at 120 days before they would have to worry about getting into debt.