he cost-of-living crisis is causing many people to tighten their budgets and leaving many people living on the edge of financial security, with recent data showing that 46% of people have less than £1,000 in savings and 25% have £200 or less1.
With this in mind, Moneyboat have carried out a survey which has revealed how much Brits are having to pay out for unexpected costs on a yearly basis, with car repairs being one of the stand out factors.
Key stats from the research include:
- Brits pay £479.09 per year, on average, on unexpected car repairs.
- Over half (60%) are either very or fairly worried about the impact an unexpected car repair cost would have on their savings.
- 35% of people would go to their parents for help if an unexpected car-related cost were to arise.
- Only 29% are confident that they currently have enough money saved for an unexpected car repair.
- London residents pay the most each year, with unexpected car repairs in the capital costing £541.30 a year, on average.
The survey also revealed how unexpected costs are affecting Wales residents every year.
Confidence levels on whether they have enough money saved to pay for an unexpected cos, if one arose:
|
Confidence Level |
% |
|
Very confident |
26% |
|
Fairly confident |
49% |
|
Not very confident |
11% |
|
Not confident at all |
11% |
|
Not sure |
3% |
How worried they are about the effect an unexpected cost would have on their savings:
|
Worry Level |
% |
|
Very worried |
22% |
|
Fairly worried |
40% |
|
Not very worried |
23% |
|
Not worried at all |
9% |
|
Not sure |
5% |
Who they would turn to for support if an unexpected cost arose:
|
People |
% |
|
Partner/spouse |
37% |
|
Parent(s) |
35% |
|
None of the above |
27% |
|
Friend(s) |
14% |
|
Grandparent(s) |
13% |
|
Not sure |
12% |
The following table also shows how much Wales residents have had to pay on average in the past year for the selected unexpected costs:
|
Unexpected Cost |
Average Cost |
|
School Uniforms |
£114.20 |
|
Pet Costs |
£154.10 |
|
Fines |
£110.10 |
|
Car Repairs |
£441.80 |
|
Home Repairs |
£524.60 |
|
Dental Treatment |
£295.40 |
If you’d like to read more about the results of the survey and the questions asked, you can read the full blog article on the survey via Moneyboat’s blog: https://www.moneyboat.co.uk/blog/the-impact-of-unexpected-costs-in-the-uk/
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