New research from Nationwide Building Society has suggested that a majority of Britons would be unable to cope financially if they lost their job through illness or injury.
Three fifths of the UK population would be unable to make ends meet if they could not work, a new survey from Nationwide Building Society has found.
According to the research, the average homeowner needs £298.66 each week to survive. However, three quarters of under-34-year-olds said they would not receive this income if they fell ill or were injured. Over-55s were more prepared, with just 43 percent saying they would struggle without work.
Nearly half of the respondents said they would rely on savings or investments to support them if they lost their job, while a third would rely on state benefits, making these the two most popular plans. But Nationwide warned that, according to its latest savings barometer, just 47 per cent of Brits save often. In addition, 98 percent of respondents said they would need more than £100 a week to survive - but the state provides just £89.50 a week.
Others suggested they would rely on friends and relatives, while 17 percent said they would sell their house. Just 18 percent of people have some form of protection insurance in place.
"In the current economic climate, we may not be able to rely on such things as the value of our house, or even friends and relatives in the way that we did a year ago," said Nationwide's insurance director Robin Bailey. "The message is clear: get a secure plan in place and make sure that you have sufficient cover to support your financial needs."
