The average large bill for an unexpected emergency – whether it’s a broken boiler, vet’s bill or another major cost – is £10,996 according to research by Compare the Market.
Yet the average savings pot sits at £3,553 – meaning many face a savings gap of £7,443.
The comparison site’s research found surprise expenses are actually a very common part of life but they are also expensive.
Cars and tech were the most common money drains amongst those surveyed with vehicle repairs being the most likely ‘large bill’ followed by vet’s bills and a broken boiler.
Other frequently named situations where emergency savings might be needed included emergency dental treatment, a large appliance failure or a…