Britons are being encouraged to assess their provision of emergency funds should the worst ever happen as many people fail to do so, it is believed.
Findings from NS&I show that to cope in an emergency situation, the average Briton believes they would need £5,368.70 – the equivalent of four months’ income.
Nonetheless, 32 per cent of people questioned said they do not have ample savings set aside should they need them, with 22 per cent of people admitting to putting money aside.
"We all face the possibility of situations that we simply have no control over – so it’s essential that we are all prepared for any emergency that will require immediate access to money, and ensure we are saving enough to cover us in a crisis," comments Dax Harkins, NS&I’s senior savings strategist.
He adds that experts recommend a provision of three to six months of living expenses to cover a difficult situation, with those who do have emergency funds advised to be aware of how to keep them.
Last month, NS&I unveiled its five-step health check to help the public assess their own financial situation.