You are here: Home - Insurance - News -

How long would your ‘Financial Safety Net’ last?

0
Written by:
01/06/2012
More than 20 million Brits believe they could only survive for up to six months on their ‘emergency' funds while almost half have less than £1,000 available in accessible savings.

More than 20 million Brits believe they could only survive for up to six months on their ‘emergency’ funds while almost half have less than £1,000 available in accessible savings

Insurance company Bright Grey’s Financial Safety Net Report is based on a survey of consumers and found that many don’t have a ‘financial safety net’ in place.

Bright Grey found that 41% of adults would only be able to rely on savings, borrowing from friends and family or relying on credit, for up to six months in a financial emergency.

However, three in five adults (60%) don’t have any financial protection policies such as life insurance, critical illness or income protection.

Roger Edwards, proposition director at Bright Grey, said: “The fact that over a third of British adults believe they can’t survive financially for longer than half a year even with support from friends, families, loans or available credit, shows just how concerned the nation is about its finances.

“We urge everyone to improve their own personal financial safety net, in preparation for any situation where the main breadwinner finds themselves unable to work. Having proper provisions in place means that you and your family can remain financially afloat for years, not months, should you or a loved one become disabled, seriously ill or die.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2179524-header2-building4725
Crack down on subsidence

With many parts of the UK now officially in drought, worried homeowners may be looking out for tell-tale cracks that...

Close