Counting the cost of financial security

By Sarah Engle, Fri 25 Apr 2008 - Published in Banking

An average person in Britain needs a total of some Ł92,000 to feel financially secure, it has been claimed.

Finance and relationships author Corinne Sweet said that having this amount of money offers people a form of psychological security with regards to their banking concerns.

"They feel that if they had that they could pay off their debts and get on the housing ladder," she said, adding that it may well be a fantasy amount, but people believe they would have security with this level of funds.

"It's probably a sign of the times with the credit crunch and costs going up at the moment," Ms Sweet added, noting that this would protect people against any crisis that is to come.

Recent research from Kaupthing by Opinium Research found that one in 50 people would leave their partner if they felt financially secure.

Further results indicated that around one-third of people had outstanding debts and did not save regularly.

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