Brits pay out billions on ‘unexpected bills’

Figures from Abbey demonstrate that around 79 per cent of people were faced with a bill they did not budget for over the course of the last 12 months and cumulatively these charges were worth more than £48.7 billion.

Carrying out home repairs was the most commonly cited cause of added financial strain for British households and the average amount paid out unexpectedly was around £1,375 per person, the latest figures suggest.

“You never know what life is going to throw at you,” remarked Reza Attar-Zadeh, Abbey’s head of savings.

“However, you can prepare for the unexpected through building up a ‘buffer savings fund’ to help deal with these shock events.”

The average household debt, excluding mortgages, in the UK stands at more than £8,800, figures from the not-for-profit Credit Action organisation have shown.