Could you be broke by next week?

Imagine you lost your income today. How long could you survive financially? For many Brits, it could be under a week.

A third of households in the UK have less than £250 in savings, according to research from HSBC. Worst still, a fifth of households don’t have any money set aside as a safety net.

This means the average family could run out of money in just five days – based on monthly expenditure of £1,669. Let’s say you started dipping into your savings on a Monday, your emergency fund would be depleted by Friday – a terrifying thought for those of us without wealthy relatives and trust funds.

Scarier still: it seems the number of families without adequate savings is on the increase. According to the research, the number of families with fewer than five days’ worth of savings has risen by three quarter of a million since last year.

But what is the reality if you lose your income? We look at how those quizzed c...

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