Unexpected expenses hit women hard

Published on 1 January 1970 by Raffick Marday

Each year the average family has to deal with £1,800 worth of unexpected costs, but the research also highlighted that women face more financial surprises than men.

The main culprits behind unexpected costs include finances related to children, cars, personal finances and homes.

However, experts are expressing concerns for consumers without savings as unexpected costs can force them in to the deadly red.

M&S Money conducted the research, which involved 2,000 UK adults. Their findings revealed families that were struck with more than one unexpected cost would have their family outgoings exceeding the average monthly household excess of £892.

Over the past twelve months, more than half (52%) of UK households had to cover the cost of a car repair bill which averaged £268.

Whilst the majority of Brits have been struck down by an unforeseen repair cost to their car, the most expensive demand on Brits throughout the past year has been covering the cost of attending a wedding abroad.

The average cost of attending a wedding abroad is £950, and 6% of households have dug deep for this expense.

Larger and more demanding expenses are causing many Brits to take from their savings on a regular basis.

Of those with solicitor fees to cover, 28% have used their savings to cover the average cost of £894.

Paul Stokes, head of savings at M&S Money, said: "While many household budgets are already stretched it is important for families to plan ahead and save what they can to ensure they're in the best position should any unexpected expenses arise.

“The old saying ‘it never rains but it pours' can often be true when it comes to unexpected costs.”

Households are struggling to build up savings to pay for more expensive items when they arise because of smaller unplanned costs, such as car insurance excess (78% at £293) and children’s hobbies (79% at £131).

It is important consumers do their best to save in to a bank account for a rainy day. Unexpected costs, both small and large, arise from time to time and it is far better to be prepared for them.

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