When I was young I thought that money was the most important thing in life; now that I am old I know that it is.”
A recent report has highlighted a critical state of affairs in the UK with the average UK family being just 18 days off the breadline if they were to lose their income. It is terrifying to think that within three weeks of losing an income the average UK family would be reliant on state benefits, which are means tested and limited.
37% of households have no savings at all!
Elevated unemployment, slow earnings growth and weak economic growth have lowered our expectations and resulted in a fall in disposable income of around 3.9% which could explain why people are becoming more vulnerable and saving less. With almost half of the people surveyed saying they’d rely on savings if they lost their income (and average savings only being £660) this is a worrying time for many families.
Make sure you’re not a statistic
35% of people surveyed had no proactive strategy in place for dealing with an unexpected financial shock. But you can protect yourself by taking out an income protection policy (a policy that pays out an income if you are unable to work due to accident or illness) and you could be looking at a monthly payment of only around £20 per month for a £1000 per month benefit for a 35 year old non smoker. If you would like to make sure that your family are protected from the circumstantial breadline then don’t hesitate to call me on 01273 736536 and I will do everything I can to secure you the best insurance possible. Alternatively email me by clicking here info@numberonemortgages.co.uk