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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Thursday 29th March 2007
The majority of Britons are failing to set aside enough money to cover sudden financial emergencies, new research has indicated.
A poll commissioned by Birmingham Midshires found that a mammoth 95 per cent of people would not be able to cope with the cost of providing long-term care for an elderly relative.
Those in their early 20s were found to be the least prepared, with 97 per cent reporting that they would find it difficult to finance care for their parents. People living in Wales were found to be less able to cope than those in other parts of the country, with 96 per cent saying that they would be unable to meet such costs.
The YouGov survey, which questioned 2,000 people about their ability to cope with a range of surprise costs and emergencies, also highlighted that the majority of Britons felt they would struggle financially if they or their partner fell pregnant in the immediate future.
Some 86 per cent of those asked said they would not be able to afford to care for a child in such circumstances, with women less prepared for such a scenario than men.
Young people aged between 18 and 24 were found to be the least able to cope financially, with 89 per cent saying that they could not afford the cost of bringing a child into the world. Residents in northern England emerged as those most likely to struggle by geographical region.
Sudden unemployment was also a situation which most people admitted they would be financially unprepared for. Eighty per cent reporting that they would struggle if they were made redundant, even if they were unemployed for a period as short as three months.
Londoners were found to be the least able to support their families in the short-term if they found themselves suddenly out of work.
Commenting on the results, Jason Robinson, director of savings operations for Birmingham Midshires, said that people should prepare themselves for financial emergencies by putting a small amount of money aside each month.
"It is alarming that so many people could struggle if hit by a financial emergency or unforeseen cost," he said.
"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.
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