Around 5.5million people - 13 per cent of the adult population - have no money set aside as an emergency or 'rainy day' fund, with a third having just £200 saved.
It is recommended that an emergency fund should equate to at least three months' take home pay, with many experts recommending the equivalent of six month's' salary.
Shortfall: The North East has the lowest average emergency fund, whereas those in the East Midlands save the mostDespite this, the average emergency fund as of September was just £1,983, accounting for just 28 per cent of the recommended minimum for the average salary.
While those in their late fifties and early sixties prove more secure, the average 'rainy day' fund was just £2,481, still far short of the recommendation.
Failing to set aside money for emergency costs could see people ill-prepared to cover essential repairs or replacements of boilers and white goods this winter.
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