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New research has revealed that Brits were hit by as much as £48.7 billion on unexpected bills over the last 12 months, and home repairs constituted the majority of this expenditure.

According to Abbey Savings, nearly four in five (79 per cent) were hit by an expense that they had not budgeted.

Of this, home repairs make up the biggest proportion of unexpected expenditure, with 36 per cent of Britons spending £1,206 each in the last 12 months – costing £19.2 billion in total.

The total number of people affected amounted to 15.9 million.
Reza Attar-Zadeh, Head of Savings at Abbey, said: "You never know what life is going to throw at you.

"However, you can prepare for the unexpected through building up a 'buffer savings fund' to help deal with these shock events. Most experts recommend that you build up a fund of at least three months salary in an instant access cash account."



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Author:  Joanne McCabe

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