According to a recent survey 35% of families have no savings to fall back on. Recent research carried out by Legal & General shows that on average households in the UK are saving 39% less per month than last year with the average amount falling from £69 to £42. Another concern is that 35% of families in the UK have no savings available at all should they need them.
The survey also had some positive findings, with more households stating that they had money left over after paying bills and debts than last year and fewer struggling to pay these costs compared to the same period last year.
Commenting on this research, Chief Executive of
Vernon Building Society Mike Hanson said:
“We are concerned that despite the recent reports of
economic growth there are still many families who
would find it very difficult if faced with an unexpected bill
or a loss of income. Insurance against such events
has a place but you cannot beat having a ‘rainy day’ fund. To help people achieve this we’ve developed regular savings products that encourage disciplined saving but still retain flexibility and accessibility.”
Exclusively available to people in the Stockport area, the Vernon has a Regular Saver ISA that pays a rate of 2.75%, including a bonus of 1.50% provided that the terms and conditions of the account are met and no more than 2 withdrawals are made and no more than 1 monthly payment is missed during the period.
For more information about the Regular Saver ISA visit www.thevernon.co.uk