Drivers unable to afford essentials
A recent survey by vehicle leasing company OSV Ltd has revealed that only 49% of UK drivers would be able to afford a £500.00 emergency car repair bill.
Only 28% of Welsh drivers claimed to have enough savings to cover the emergency bill whilst at the other end of the scale, 75% of drivers in Northern Ireland admitted that they did have enough savings to cover the £500 bill.
The survey revealed that one in five drivers had experienced an emergency bill in the last 12 months, leaving many in a dire financial position.
Co-Founder of OSV LTD, Debbie Kirkley said, ‘Car breakdowns do happen, and it is important that people have the right savings in place. No one can predict the future which is why saving is so important.
‘It is recommended that people have the equivalent of three months wages saved up just in case your circumstances change or you are hit with an unexpected bill.
‘The survey shows that less than half of drivers have enough saved to cover a £500 repair bill and it is likely that even fewer have the equivalent of three months saved up.’