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Britons do not have adequate savings
25 July 2008
UK consumers do not have enough money put aware to protect them if they lost their income, according to a new study.
In a report entitled "The Protection Gap: How the UK is Living on the Edge", research by Yorkshire Building Society revealed that the average Briton would only last 52 days on their savings if they were unable to work.
Tanya Jackson, corporate affairs manager at Yorkshire Building Society, said: "In the current economic climate, this research paints an extremely alarming picture for those consumers without any protection products."
One way to protect against long-term illness is through income protection insurance but according to the research 90 per cent of consumers do not have any.
"It is extremely worrying to see that many Britons are 'living on the edge' and we therefore urge consumers to take a look at their protection needs," said Ms Jackson.
Divorced women are the worst affected if they were unable to work as they would only last 35 days, according to the study.
