Media comment: British families not prepared for financial shocks

Friday 8th July 2016

Commenting on Demos’ research paper findings that British families are not prepared to weather financial shocks, Caroline Rookes, CEO of the Money Advice Service, said:

“Planning ahead is vital to ensure that families can navigate economic uncertainty, make the financial decisions that are right for them and achieve their financial goals. Too many consumers in UK lack resilience to withstand income shocks or unexpected bills. The 2015 Financial Capability Survey highlights that four in ten adults have less than £500 in savings to cover emergency costs.

“It’s essential that organisations from all sectors come together to improve the stubbornly low levels of financial capability across the UK and help families to build the financial resilience they need. A collaborative approach is vital to deliver meaningful and positive change.”