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MP EXPENSES SCANDAL PROMPTS CONSUMERS TO RETHINK THEIR OWN FINANCIAL EMERGENCIES
• Plastic is king! 38 percent put financial disasters straight on their credit card
• 91 percent say losing their phone tops cash catastrophe list
• Boiler breakdowns cause the biggest household financial headaches (57 percent)
• Pets prove costly as 30% put paying for their care as a key financial calamity
• Broken hair straightners a financial tragedy! (7 percent)
 Duck ponds, redecorating, fixing a leaky roof, new furniture and even food bills were paid for by the public purse for MPs. In light of the expenses scandal, consumers reflect on what they consider to be their own financial emergencies, with the loss of mobile phones topping the league table to be considered the worst financial disaster (91 percent)!
The Money Shop, the UK's leading instant cash provider commissioned the research to understand how consumers manage their finances when unexpected emergencies mean they need fast access to cash.
Unsurprisingly, households represent the biggest area of financial woe for consumers with faulty or broken appliances from washing machines to TV aerials accounting for almost fifty percent of all financial emergencies. Car owners also dread the unexpected, such as a breakdown (42 percent) and MOT failure (36 percent).
With no public purse to bail them out, hard up consumers know who to turn to when the worst happens. Half (48 percent) of us still reply on friends and family for handouts, but for those without the luxury of interest-free assistance, it appears credit from costly overdrafts (29 percent) and high APR credit cards (38 percent) is the main option for consumers with a cash flow shortfall.
Andrew Bryan of The Money Shop, the UK's leading instant cash provider, said: "Even the most financially astute and sensible savers get caught short as when everyday emergencies land they have a habit of doing so at just the wrong time. With savings becoming less en vogue, it looks like for most, going into the red, despite hefty bank charges and sticking it on the plastic and worrying about it later, is the favoured option - though leaning on family and friends comes a close second."
Top everyday financial emergencies include:
• Losing or breaking mobile (91%)
• Boiler breakdown (57%)
• Car troubles (42%)
• Poorly pets (30%)
• Finding a deposit to rent or buy (75%)
The survey also revealed what ‘hidden extras' we have had to sub, with unexpected bills blighting the lives of two thirds (60 percent) of consumers. Notably, a fifth (20 percent) admit that being invited to a mate's wedding has caught their wallet unawares, whilst having to stump up the cash to cover insurance excess and increased premiums, as well as buying that dream home has left a third (28 percent) of homeowners fretting about funds.
Even one in ten (11 percent) even say getting suited and booted for an all important job interview has provided an additional thing to worry about, and paying the final admin fee on a long-term loan or finance agreement has left a handful (9 percent) counting the days till the next payday!
Mr Bryan added: "Clearly, everyday financial emergencies can catch us all out; from changes in bank charges to helping out loved ones, laying our hands on cash when the unexpected happens, can lead to serious financial dire straits unless properly managed. The Money Shop provides a range of products which are designed to help in this type of emergency situation. Payday loans for example, enable fast access to cash and provide a short-term solution without the need to get into deep financial difficulties."
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| At the Money Shop we believe that you should get your hands on cash when you need it. So why wait? We offer a fast, friendly and confidential service with the best deals around. For instant cash, come to the leading cheque cashing company in the UK. We are the UK's No.1 for Cheque Cashing, Payday Loans (Cash 'til Payday) and Cash Loans. We have over 450 Stores across the UK. Call in today! |
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