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Unexpected costs 'make families incur loan charges'

Households could be susceptible to having to make loan claims or incur credit card charges it unforeseen expenses arise, a study from M&S Money has found.

A study of 2,000 UK adults revealed two unexpected costs, such as a school trip and a tax bill, would push the average family's outgoings beyond the typical monthly surplus of £892.

The most commonplace unforeseen cost is car repair bills, which were faced by 52 per cent of respondents last year and generally involved the individual paying out £268.

However, while only six per cent of the people polled were asked to attend an overseas wedding in the last 12 months, all of those who did spent an average of £950.

"While many household budgets are already stretched, it is important for families to plan ahead and save what they can," head of savings at M&S Money Paul Stokes said.

Recently, director of Chapters Financial Planning Limited Keith Churchouse recommended that households work out "family budgets".

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801388101-ADNFCR



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