Breadline Britain; Are we Renting our Lifestyle?
Planning ahead is something we usually enjoy; from saving for a holiday to who’s going to cook dinner. Financial planning on the other hand can often seem overwhelming or something that can wait until tomorrow. BUT how would you pay the bills if you were sick or accidentally injured and couldn’t work?
Research from Legal and General shows that families are teetering on the edge of poverty. The average UK household has just 32 days after losing its main source of income before their money would run out.
More worryingly, over a quarter (26%) said that their current savings would last just one week or less. These figures highlight the level of threat for families should the main breadwinner become critically ill or injured and unable to work.
Once your income is uncertain, your basic essentials become uncertain too; your home, your heating, even your next meal. There are millions of families living from pay check to pay check with the uncertainty of tomorrow.
- Nearly one-quarter (23%) said they don’t save any of their income each month, so for these people their ‘Deadline to the Breadline’ could be tomorrow.
- 69% of employees would go without eating out to make ends meet, while only half (50%) said they would end subscription services such as Netflix and Spotify.
- A quarter (25%) of respondents have had to use a credit card in the last month to pay for essentials as they didn’t have sufficient funds to make the purchase.
- 30% of UK employees have no financial back-up in place should they or a loved one be affected by a critical illness, disability, redundancy, salary loss or death.
The UK is suffering from a savings and protection gap and this makes our work at Look 4 Cover so important! We help families and individuals plan ahead for such a critical event to ensure their security.
For the cost for a couple of cappuccinos, or a Spotify subscription, families can provide a safety net with easy to set-up provisions. Our quick and free service let’s you compare the best protection policies at the best prices from the UK’s leading insurers. We’ll help you to find the security you need at a price you can afford.
Income Protection; This type of policy would help you and your family to manage your bills if you are ill or injured by paying out up to 70% of your salary tax free until you were able to return to work or retire.
Life Insurance; This type of policy is especially important for a family’s main earner because it would provide financial support to dependents in the unfortunate case of you dying.