Brits 'should save for a rainy day'
Consumers who hope to avoid trouble with debt should try to save around six months' worth of salary, one personal finance body has stated.
Independent financial adviser (IFA) Hargreaves Lansdown has stated that such savings can provide valuable help with money to address time when funds are less available.
Ben Yearsley, investment manager with Hargreaves Lansdown, said: "Everybody should have about six months of salary saved up as 'rainy day' emergency cash.
"A good place to put that is in your cash Isa, if that's sufficient."
He added that those with savings exceeding their Isa allowance might consider seeking help with finance in high-interest savings accounts, or choosing national savings products to avoid the tax burden - although the interest rate is unlikely to be as high.
Recently, personal finance institution Birmingham Midshires released data indicating that more young people were starting to build savings, while older generations were increasingly looking for more competitive products.
Independent financial adviser (IFA) Hargreaves Lansdown has stated that such savings can provide valuable help with money to address time when funds are less available.
Ben Yearsley, investment manager with Hargreaves Lansdown, said: "Everybody should have about six months of salary saved up as 'rainy day' emergency cash.
"A good place to put that is in your cash Isa, if that's sufficient."
He added that those with savings exceeding their Isa allowance might consider seeking help with finance in high-interest savings accounts, or choosing national savings products to avoid the tax burden - although the interest rate is unlikely to be as high.
Recently, personal finance institution Birmingham Midshires released data indicating that more young people were starting to build savings, while older generations were increasingly looking for more competitive products.
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