Nearly one in four people have no savings – are you one of them?

According to new research by Legal and General, the average UK employee only has enough money saved to maintain their lifestyle for a month if their income suddenly stopped. The results from a survey of 2,000 people suggest that the nation is ill-prepared for a financial emergency, with many having only enough savings to last them a week, and some having none at all. How does it differ by region? As a general rule of thumb, it is recommended to have enough money saved to last you three months. As with all rules of ...

Are you prepared for a rainy day?

Harold Wilson once said: “I’m an optimist, but an optimist that carries a raincoat.” Planning for a financial rainy day is important for a number of reasons. Unexpected costs, as the name suggests, don’t give you a great deal of warning, and have a nasty habit of arriving at the most inconvenient of times. It doesn’t just apply to money that needs to be paid out, it can also come in the form of an illness or injury that causes a loss of income. The Office for National Statistics (ONS) reported in ...