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