Brits don't budget for the cost of winter

16 January 2018

BRITS DON’T BUDGET FOR THE COST OF WINTER

Unexpected costs in the home could leave Brits in the cold

 

  • Just 16% of Brits budget for additional winter home repairs

  • Only 26% know how they would pay for unexpected costs during winter

  •  45% say their regular income wouldn’t cover these costs

  • Almost half of the population (48%) say winter is the most expensive season

Brits are leaving themselves at risk this winter according to Lloyds Bank research, with just one-in-four (26%) saying they know how they would pay for unexpected costs associated with the colder weather.

Although more than half the population (54%) budget for Christmas, just 16% put away any extra cash to cover the cost of winter home repairs.

If faced by any financial surprises during winter, an eighth (12%) say their regular income would cover such costs. A small proportion (3%) would have to borrow money from family and friends and just under one in ten (8%), would use a credit card.

Simple checks and services could help make a big financial difference, yet over two in five (43%) haven’t had their boiler serviced in the last year or can’t remember when it was done, which could lead to a bill of £270 if an emergency repair was needed.1