33% of people in the UK – or 8.5 million households – have £250 or less set aside as a financial safety net, new research from HSBC indicates.

The survey of over 2,000 people found that 24% of all UK households have no savings at all, while 9% have savings of £250 or less.

Based on UK households’ average outgoings, this would last just four days if they were to unexpectedly lose their income. 18-24 year olds are the group most at risk: 33% have no savings at all, while a further 10% have savings of under £250. Based on their average outgoings, this age group would survive just three days on £250.

Despite being likely to have more financial responsibilities, 31% of 35-44 year olds also have no savings and 12% have less than £250.

A third would not be able to pay their mortgage if they lost their job Almost half of UK households (44%) have savings pots of £2,000 or less, with 36% of the population saying they would depend on their savings if they were suddenly made redundant or were unable to work due to illness. Given that the average Brit has monthly essential outgoings of £954 and monthly debt payments of £514, these households could soon run into financial trouble.

If made redundant, 30% said they would not be able to pay their mortgage. 26% would be forced to apply for benefits, while nearly one in ten (9%) would turn to unsecured lending such as credit cards, store cards or a personal loan to finance their monthly outgoings and 8% would rely on their overdraft.

12% would rely on their partner, friends or family to cover the cost of their bills or mortgage, while 10% would borrow the money from family outright.

Only 9% would be covered by insurance in the event of unemployment or a long-term illness that prevented them from working, down by 3% since 2013.

Debbie Thomas, head of savings at HSBC, said: “Our research paints a worrying picture of the UK’s savings, but the good news is that it’s easy to start a regular savings habit. If you put aside £50 each month, you’ll have saved £500 by Christmas plus the interest you’ve earned. That works out at just under £12.20 per week – whether you cut back on coffees, cocktails or get thrifty with vouchers and coupons, small changes genuinely do make a big difference over time.”

“As 91% of the population does not have their income protected by an insurance product, making sure you have a sufficient financial safety net is crucial. This cuts the risk of running into financial trouble should you lose your job or be unable to work, and means you don’t have to resort to methods that could leave you in debt. As a general rule, a minimum of three months’ salary makes for a solid financial backup.”