Brief
Brits urged to build emergency savings during UK Savings Week
The Independent advises Britons to open savings accounts and set realistic targets during the week’s financial review campaign.
By Felo News Desk · Published
The Independent reports that during UK Savings Week, financial advisers are urging people to establish emergency savings funds. The article notes that many UK bank accounts hold over £300bn in idle cash, missing out on potential interest. It recommends opening a savings account that allows easy access, automating transfers from paydays, and setting small, achievable targets such as £200 or £1,000 to keep motivation high. Derence Lee, chief finance officer at Shepherds Friendly, says an emergency fund should cover around three to six months of essential expenses, but stresses that individuals must calculate their own income and outgoings to determine the exact amount needed.
Key facts
- Over £300bn sits in UK bank accounts earning no interest (independent.co.uk)
- Savings accounts now offer 5% on cash (independent.co.uk)
- Derence Lee recommends covering 3–6 months of essential expenses (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “How much should you have in emergency savings? Here’s exactly how to work it out”
