Brits urged to save more in face of economic omens
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."
Share this..
Related stories
Almost 9 in 10 Children are ‘worried about Money’.
Research from Halifax has highlighted the fact that children as young as eight have admitted that they share some of the concerns their parents have about their finances. However parents are failing to pick up on this, and only a third recognised that their children might share their worries if they were heard talking about it. Children also said they would rather learn about money from their...
Read MorePolitical parties battle it out for moral high ground
David Cameron has stolen a march on Gordon Brown in the pursuit of parliamentary form in the wake of the MPs expenses scandal. However his blueprint for future has been dismissed by many in political circles as being too weak as the battle for the higher moral ground goes on. While the likes of Cameron and Brown battle it out to catch the attention of UK voters the constant drip feed of MPs expens...
Read MoreCouncil of Mortgage Lenders plays down mortgage recovery
Michael Coogan, the director-general of the Council of Mortgage Lenders (CML), has played down hopes of a short-term recovery in the UK mortgage market. Despite signs that demand may be returning to the market, the director-general suggested that these "green shoots" have no roots. So what does this mean for the UK mortgage sector?
The CML believes that the UK mortgage market will r...
Tory MP quits over expenses claim
In yet another bit of swift manoeuvring by David Cameron it was revealed that Conservative MP Andrew Mackay has today quit as his aide after an "unacceptable" expenses claim. While specific aspects of the claim have yet to be aired in public it is alleged to have involved the art of "flipping" primary and secondary properties. This comes at a time when the Labour Party appears to be dragging its h...
Read MoreSwine flu fears hit the market
Stock markets around the world fell today in light of the outbreak of swine flu which has escaped from Mexico to countries as far away as New Zealand, Canada, Scotland, Israel and the United States of America. While we have seen potential pandemics come and go there are many experts who believe this particular outbreak has the potential to impact upon not only for the worldwide economy but the wor...
Read More