Almost 45% of Britons say they lack adequate savings or an emergency fund to cover the costs of home breakdown repairs.
The financial fragility exposes numerous homeowners to the possibility of facing difficulties when it comes to handling unexpected expenses for home repairs.
A recent survey conducted by OVO, polling 1,000 UK homeowners, has unveiled concerning insights about the financial challenges faced by Brits in dealing with home emergencies.
According to the survey, a staggering 80% of British homeowners have encountered a home emergency at some point.
The financial burden accompanying these emergencies is significant, with 33% of respondents admitting to spending a minimum of £400 on their most recent emergency home repair.
As winter approaches, concerns about the impending home emergency costs are on the rise.
Nearly two-thirds, or 62%, of those surveyed expressed heightened worries about the financial implications of home emergencies this winter compared to the previous year.
In the absence of savings, 45% of respondents stated that they would need to explore credit options to cover the expenses, potentially incurring additional debt.
Additionally, 12% of those surveyed indicated that they would have no choice but to rely on friends or family for financial assistance during such emergencies.