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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Wednesday 28th May 2008
With signs of an economic slowdown looming, Britons have been urged to take a more proactive approach to their savings.
In a study conducted by online bank Egg, it was revealed that 52 per cent of those polled had insufficient savings to last four months, which the government calculates is the average time it takes to find a new job after being made redundant.
This could leave millions facing penury should the turmoil in the financial markets begin to impact on the job market.
Tobias van der Meer, head of consumer banking and investments at Egg, said that the current climate means that choosing an apt savings account is more important than ever.
He said: "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.
"The best way to ensure a savings pot goes as far as possible on any emergency is to make certain the deposit account pays a high rate but also allows easy access."
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