Warning millions of UK households face £5,000 shortfall this winter
manchestereveningnews.co.ukUK families are facing a worrying £5,000 shortfall in emergency funds as we head into the winter months. Financial experts advise having an emergency fund equivalent to at least three months of your income, which is just over £7,000 based on the average salary.
However, research from BOXT reveals that the average family has only £1,983 saved for unexpected repairs or costs, which is more than £5,000 less than the recommended amount.
A third of adults have less than £200 in emergency funds, while 13 percent of those surveyed had no savings at all, equating to 5.5 million people nationwide.
Ryan Gill, lead engineer at boiler installation group BOXT, cautioned: "Winter is a time when household emergencies can strike unexpectedly - whether it's a boiler breakdown, burst pipes, or heating issues due to colder temperatures.
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