How long would your ‘Financial Safety Net’ last?
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.”