Consumer saving can protect against debt
MANCHESTER, England–(BUSINESS WIRE)–Debt management company Gregory Pennington (http://www.gregorypennington.com) has reminded consumers that putting money into savings can offer good protection against debt - and even a small amount could be the difference between struggling and getting by.
The comments come after research by HSBC found that 30% of adults have less than £249 in savings - the equivalent of five days’ average take-home earnings - meaning a serious financial emergency could land them in debt.
More worryingly, a quarter (25%) of people in the 25-34 age group said they had no money in savings at all, putting them at a much higher risk of financial difficulty.
An expert at debt management company Gregory Pennington commented:
“We all come up against unexpected costs now and again - some worse than others. For example, most of us could probably deal with a phone bill which is higher than normal, but when it comes to things like car repairs the costs can be significantly higher.
“Savings can greatly lessen the impact of these expensive costs. Obviously, the more people save the easier it can be to cover the cost, but even a small amount of savings could be the difference between getting into debt and getting by.
