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One in three Britons struggling to save

A report by HSBC has highlighted the fact that many in the UK are struggling to put any money aside for a "rainy day" and indeed those who lose their jobs in the future would struggle to survive on their savings. The report found that 30% of adults in the UK have less than £249 in their savings account with 19% having no savings at all. As a consequence 15 million people in the UK would struggle to get by the weekend if they lost their jobs tomorrow!

While there is no definitive figure as to what level of savings you should put aside in case of problems tomorrow, the general consensus is that three months pay (which equates to an average of around £4,683) would be the minimum safety net required. When you consider that millions upon millions of Britons are nowhere near this level the pressure on the UK benefit system could be ratcheted up significantly if unemployment increases in the future.

Despite the fact that headline unemployment fell last month there was an increase in those claiming jobseekers allowance which would indicate problems below the surface. Quite how the vast majority of the UK population would survive if they lost their jobs tomorrow is a matter of great debate and great concern.

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