Britons 'financially unprepared for kids'
29/03/2007
A total of 86 per cent of Britons would not be able to afford the cost of having a child if they or their partner were to fall pregnant during the coming year, new research reveals.
The north of England is the least prepared region for such incidences, with 88 per cent of people suggesting that they would struggle to finance the arrival of new baby in 2007, according to Birmingham Midshires.
Furthermore, the building society group indicates that there are millions of Britons who are not putting enough money into savings to cover themselves for financial emergencies.
Jason Robinson, director of savings operations for Birmingham Midshires, remarked: "It is alarming that so many people could struggle if hit by a financial emergency or unforeseen cost.
"We are concerned about people's liquid wealth - the money that should be available to them in a financial emergency."
Having rainy-day savings can prevent families facing severe difficulties in the event of short-term financial costs, he added.
In related news, midnight on Thursday April 5th is the individual savings account deadline for this financial year - meaning it is the last chance for consumers to make the most of their 2006-07 tax-free allowance.
The north of England is the least prepared region for such incidences, with 88 per cent of people suggesting that they would struggle to finance the arrival of new baby in 2007, according to Birmingham Midshires.
Furthermore, the building society group indicates that there are millions of Britons who are not putting enough money into savings to cover themselves for financial emergencies.
Jason Robinson, director of savings operations for Birmingham Midshires, remarked: "It is alarming that so many people could struggle if hit by a financial emergency or unforeseen cost.
"We are concerned about people's liquid wealth - the money that should be available to them in a financial emergency."
Having rainy-day savings can prevent families facing severe difficulties in the event of short-term financial costs, he added.
In related news, midnight on Thursday April 5th is the individual savings account deadline for this financial year - meaning it is the last chance for consumers to make the most of their 2006-07 tax-free allowance.
