Britons 'unprotected' against job-related debt
Britons 'unprotected' against job-related debt
Friday 25th July 2008
Research from Yorkshire Building Society revealed that the average person has savings that would last only 52 days, while just over a third of people only have enough saved to get through 11 days.
The report showed that the average monthly outgoings are £1,445 while the average accessible savings are £2,474, illustrating how quickly debt could build up.
Only one in ten people has personal income protection to protect against being out of work and 68 per cent either do not know how they would survive or have unrealistic expectations of how they would continue to meet their outgoings.
Tanya Jackson, corporate affairs manager at Yorkshire Building Society, warned that the research showed that state benefits and savings were not viable options for many consumers.
"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 in order to assess how they would cope financially if they were taken ill and whether they would benefit from the security that a protection scheme provides," Ms Jackson said.
Faced with a credit crunch, it seems Britons still remain wary of making protection payments. Less than a third of people questioned in a YouGov poll this month said they were willing to take out protection insurance products in the future.
Debtsolver - Free, Expert, Confidential Debt Advice
Related News
Rising living costs causing debt problems - 24/07/08
More and more Britons are feeling the pinch financially due to higher living costs and mounting debt repayments, a new survey has revealed
More and more Britons are feeling the pinch financially due to higher living costs and mounting debt repayments, a new survey has revealed
Water company fears rise in bad debt - 24/07/08
Water company Severn Trent has warned it expects a rise in bad debt among its customers this year, as households struggle with mounting pressure on their finances
Water company Severn Trent has warned it expects a rise in bad debt among its customers this year, as households struggle with mounting pressure on their finances
Credit card debt becoming more expensive - 23/07/08
Britons are paying higher rates on their credit card debt, as lenders look to recoup losses suffered in the credit crunch, new research has shown
Britons are paying higher rates on their credit card debt, as lenders look to recoup losses suffered in the credit crunch, new research has shown
Homeowners' relief 'could be short-lived' - 22/07/08
The respite offered to debt-hit homeowners by a fall in the cost of fixed rate mortgages is likely to be short-lived, it has been claimed
The respite offered to debt-hit homeowners by a fall in the cost of fixed rate mortgages is likely to be short-lived, it has been claimed
Student faces debt of £800 after going overdrawn by 8p - 22/07/08
Banks are set to come in for renewed criticism over their approach to customer debt after an A-Level student was hit with a fine of £800 when she went overdrawn by just eight pence
Banks are set to come in for renewed criticism over their approach to customer debt after an A-Level student was hit with a fine of £800 when she went overdrawn by just eight pence
News Article Search
Quick Apply
News Archive