Richard Kateley, Head of Intermediary Protection, Legal & General: “Whether you’re enjoying the perks of your salary, going through the process of buying a home or starting a family, it’s all too easy to avoid thinking about how you would manage your financial wellbeing if something went wrong.
“These figures show this is no laughing matter; with nearly half of respondents stating they would be unable to make ends meet for longer than three months if they lost their main source of income. Additionally, our own ‘Deadline to Breadline’ research showed that the average UK employee would only last a month on savings with their current lifestyle if their income stopped. Couple this with the base rate being raised today, this could be the tipping point for borrowers whose finances are already stretched.
“We all know the financial and emotional impact a death or illness has on a family. Despite this, the UK suffers from a savings and protection gap. It’s therefore vital that individuals and families plan ahead for such a critical event, either by putting aside money each month to ensure financial security, or by speaking with an adviser about a policy that could support them in their time of need.”
