One in three young workers unable to cover unexpected £300 expense, research finds
Research from the Building Societies Association (BSA) for UK Savings Week found money worries had affected the work performance of 32%.
More than one in three workers aged 18 to 34 could not cover an unexpected £300 expense, research from the Building Societies Association (BSA) for UK Savings Week found.
78% said they could save more each month if they wanted or needed to.
Money worries had affected the work performance of 32%, while 27% had taken time off because concerns about money had made them ill.
52% would be interested in an employer scheme that automatically put some of their pay into an instant-access savings account.
The research also found 28% of people aged 18 to 34 had less than £1,000 in cash savings.
Among workers in this age group, 39% said they could not live on their savings for more than a month if they lost their income.
Separate research from the University of Bristol’s Personal Finance Research Centre, commissioned by the BSA, found households with £2,000 in savings had around 60% lower odds of falling behind on bills.
People with between £200 and £499 in savings had an 8% chance of financial hardship, compared with 24% for those with less.
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