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 Â£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 Â£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 Â£8,800, figures from the not-for-profit Credit Action organisation have shown.