Listen: Jasmine Birtles on finanical savings

One in three of us could ‘lose it all’ if we hit a financial roadblock like losing our job or getting divorced, because we don’t have a savings safety net, according to new research by popular consumer web site MoneyMagpie.com and mutual savings provider, Foresters Friendly Society.

According to the survey, over a third (33%) of Brits don’t have a savings safety net to cover them for six months if they lost their job and hit financial rock bottom, meaning that they couldn’t keep themselves and their families going without resorting to applying for benefits or high-cost lending. But over half (54%) of Brits have been saving more in the last 12 months as lockdown triggers thoughts about longer term ‘rainy day’ saving.

Aston spoke to Jasmine Birtles, finance expert and founder of MoneyMagpie to discuss the research in further detail.

Photo by Colin Watts on Unsplash