One in six couldn’t pay unexpected £200 bill
One in five respondents to thinkmoney’s survey (more than 10.5 million people) said they would be able to find £200 at short notice – but would have to make cutbacks elsewhere.
Meanwhile, 9% said they would have to borrow from friends and family to pay a £200 bill and 8% said they simply wouldn’t be able to cope.
Older people are far better at funding unexpected payments. thinkmoney’s research found that 47% of the over-65s could pay a £200 bill without any problem, compared with just 9% of those aged between 18 and 24.
Across the UK, it seems Scots are the best at managing their day-to-day budgets – 34% said they could easily find £200 for an unexpected payment. However, just 12% of respondents from Northern Ireland and the North East of England said the same.
Ian Williams, director of communications at budgeting account provider thinkmoney, said: “Coping with bills is part of everyday life but it’s the unexpected payments that can cause real problems. Having a budget – and sticking to it – can help to avoid unnecessary financial pain.”