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31% have no safety savings net

Almost a third of families have savings which would last just five days if they were faced with a financial emergency, research has found. Some 31 per cent had less than £250 put aside as a safety net, three per cent higher than last year.

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Savings would run out in five days for many families

Almost a third of families have savings which would only last for five day Credit: Tim Ireland/PA Archive/Press Association Images

Almost a third of families have savings which would last just five days if they were faced with a financial emergency, research has found.

Of those surveyed, 31 per cent had less than £250 put aside as a safety net, three per cent higher than in a similar study from last year, HSBC said.

For the average family, monthly outgoings are £1,669 - just under £55 a day - which would see savings of £250 savings run out five days.

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