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Newsletter

Brits 'not planning for worst-case scenario'

By Sarah Engle, Fri 25 Jul 2008 - Published in Banking

People in the UK need to compare insurance schemes that would protect their income if they were to unexpectedly find themselves out of work, Yorkshire Building Society claims.

This comes after a study by the group found the average Brit's savings would last 52 days.

Figures from the research show typical monthly outgoings for a worker in Britain are £1,445, while accessible savings stand at £2,474.

Of those questioned, 36 per cent said their nest-egg was less than £500, an amount which Yorkshire Building Society states would see the average person through 11 days.

The research also revealed 90 per cent of people do not have any personal income protection.

Yorkshire Building Society spokesperson Tanya Jackson said: "In the current economic climate, this research paints an extremely alarming picture for those consumers without any protection products in place."

Earlier this month, a report by NS&I found 35 per cent of Brits do not know how inflation and tax could affect their savings.