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A third of Brits could stay afloat for just a month if they lost their job

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05/02/2020
One in three Brits would be in debt within a month if they were sacked or made redundant tomorrow, research reveals.

The figure jumps to more than half (51%) among those who rent.

The findings come at a time when the UK’s savings ratio remains at a near record low, according to the Office for National Statistics, with concerns that Brits are spending more than they earn.

The survey of 2,000 adults by AA Financial Services found three in 10 borrowed money to pay for the cost of Christmas, and a fifth of those who borrowed money put more than half on credit cards. Again, this rose among renters to a third (33%).

However, a third of people said they’d like to save this year by cutting back on luxuries and getting rid of credit cards.

James Fairclough, director of AA Financial Services, said: “It’s concerning that so many people in the UK would not be able to maintain their lifestyle and provide for their families beyond a month should their circumstances change suddenly.

“This safety net is an essential part of being able to plan and stay on top of finances and is key to minimising any anxieties people may have about their future.”

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