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Close to a quarter of the UK's wealthiest households do not have enough savings to cover an emergency, a new report suggests. 

A total of 23 per cent of households with an income of £100,000 a year could not pay a large unexpected bill or cover their essential outgoings for three months using their savings. 

Among the very wealthy who earn more than £150,000, 12 per cent do not have enough savings, the study from Hargreaves Lansdown reveals. The wealth manager recommends that people of working age should have three to six months' worth of essential spending in an easy access account to cover emergencies. This amounts to around £3,000 in savings on average. 

Worry: A total of 23 per cent of households with an income of £100,000 a year could not pay a large unexpected bill or cover their essential outgoings for three months using their savings

However, it believes that retirees should aim to have one to three years' worth of savings – around £9,000 on average. This is because retirees lose their earning potential and so can't pay for one-off costs out of income. 

However, 51 per cent of UK households do not meet this target – falling to 46 per cent for those in retirement. 

Unexpected expenses could include a car breaking down, a boiler replacement or redundancy. 

Although the wealthiest should in theory find it less challenging to foot such costs, they often live expensive lifestyles, with bigger houses that need maintaining, more expensive cars and private school fees. 

While these may seem like luxuries at first, over time they can start to feel like necessities that can't be scaled back in order to free up cash for emergencies. 

Sarah Coles, personal finance analyst at Hargreaves Lansdown, suggests the first step to calculate how large an emergency savings fund you need is working out what you spend. 

'Some people keep a spending diary so they can see where their cash is going. Next, you need to decide which of those expenses you want to be able to meet if you lose your income,' she says. 

'Some people want to cover the lot, others want to ensure they're still comfortable, while others just choose to keep the essentials.' 

She adds that how many dependents you have and how secure your income is will also affect how much you need to save.

Compare the best DIY investing platforms and stocks & shares Isa

When it comes to choosing an investment platform, stocks & shares Isa or a general investing account, the range of options might seem overwhelming. 

Every provider has a slightly different offering, charging more or less for trading or holding shares and giving access to a different range of stocks, funds and investment trusts. 

When weighing up the right one for you, it's important to to look at the service that it offers, along with administration charges and dealing fees, plus any other extra costs.

To help you compare investment accounts, we've crunched the facts and pulled together a comprehensive guide to choosing the best and cheapest investing account for you. 

We highlight the main players in the table below but would advise doing your own research and considering the points in our full guide linked here.

>> This is Money's full guide to the best investing platforms and Isas 

DIY INVESTING PLATFORMS AND STOCKS & SHARES ISAS 

	Admin charge	Charges notes	Fund dealing	Standard share, trust, ETF dealing	Regular investing	Dividend reinvestment
AJ Bell YouInvest	0.25%	Max £3.50 per month for shares, trusts, ETFs.	£1.50	£9.95	£1.50	1% (Min £1.50, max £9.95)	More details
Bestinvest	0.40%		Free	£7.50	n/a	n/a	More details
Charles Stanley Direct	0.35%	No platform fee on shares if a trade in that month and annual max of £240	Free	£11.50	n/a	n/a	More details
Fidelity	0.35% on funds	£45 fee up to £7,500. Max £45 per year for shares,  trusts,  ETFs	Free	£10	Free funds £1.50 shares, trusts ETFs	£1.50	More details
Hargreaves Lansdown	0.45%	Capped at £45 for shares, trusts, ETFs	Free	£11.95	£1.50	1% (£1 min, £10 max)	More details
Interactive Investor	£119.88 as £9.99 per month	£7.99 per month back in trading credit	£7.99	£7.99	Free	£0.99	More details
iWeb	£100 one-off		£5	£5	n/a	2%, max £5	More details
Freetrade	Free for standard account £3 month for Isa	Freetrade Plus with more investments is £9.99/month inc. Isa fee	No funds	Free	n/a	n/a	More details
Vanguard	0.15%	Only Vanguard funds	Free	Free only Vanguard ETFs	Free	n/a	More details
(Source: ThisisMoney.co.uk July 2021. Admin charges quoted annually, may be monthly or quarterly)