The average British consumer needs more than £1,000 in order to make ends meet, according to the latest figures.
Financial services firm Egg maintains that the typical UK consumer needs roughly £1,077 per month in order to cover their household bills and their debt repayments.
Repaying personal loan and credit card debt puts serious strain on household incomes and most working Britons would be unable to support their families if they lost their job.
Tobias van der Meer, head of consumer banking and investments at Egg, commented: “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.
“However, our research highlights that far from being a precaution, these savings are a necessity.”
Meanwhile, the Co-operative Bank reported recently that people living in the UK spend on average more than £9,000 on Saturdays throughout the year.