Over 20 million would be unable to maintain their current
lifestyle after September 2012 if they had to live off any emergency funds,
according to Bright Grey's Financial Safety Net report.
41% of adults would only be able to rely on savings, borrow
from friends and family or rely on credit, for up to six months in a financial
emergency.
49% believe they could rely on these types of support to survive
financially for over a year.
The number with insurance in place is falling. 60% have no
life insurance, critical illness or income protection.
Roger Edwards of Bright Grey comments, "That over a third of adults
believe they cannot 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 themself 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."
Life insurance news: 9 March 2012
