Britain’s employees could maintain their current lifestyle for only a month if they lost their source of income and had to rely on savings, new research from insurer Legal & General shows today.
The survey of 2,000 full and part-time employees found that the average employee’s ‘deadline to the breadline’ was just 32 days. However, more than a quarter (26%) said that their current savings would last just one week or less, highlighting that families across the UK are at threat should the main breadwinner pass away or become critically ill.
The research found that whilst the deadline rose to 36 days if respondents reined in their spending, one-fifth (21%) would still be able to live off their savings for up to one week. Furthermore, whilst the average employee had just over £6,500 in savings, they believed they would need a further £9,830 to feel financially secure. Nearly one-quarter (23%) even said they did not save any of their income each month.
The statistics also showed a variation in the deadline across the UK. Northern Ireland had the longest deadline, with individuals saying that their savings would last 36 days on average. In contrast, Wales had the shortest deadline to the breadline, with those surveyed saying that with they could sustain their current level of spending for on average just 26 days after losing their primary source of income.
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