1/3rd of Brit population could run out of money in fortnight if unable to workJuly 25th, 2008 - 1:32 pm ICT by ANI
London, July 25 (ANI): Over a third of the people would run out of money in less than a fortnight if they were unable to work, according to a new research. The Yorkshire Building Society research reveals that the average person would last 52 days before running out of funds if unable to work and has outgoings of about 1,500 pounds every month.
According to the research reported by The Telegraph, nine out of 10 people have no form of income protection insurance to cover their bills if they were unable to work or lost their job.
A fifth of people admitted they had no idea how they would survive financially if they were unable to work, while others had unrealistic contingency plans.
Around 19 per cent of people said they would manage on state benefits, despite the fact that they had weekly outgoings of around 334 pounds and would be likely to receive just 75.40 pounds a week in state benefits unless they also qualified for incapacity benefit on top of this.
The research found that certain groups are more exposed than others, with people who are divorced the least likely to be able to cope if they lost their job.
They have savings that would last an average of just 35 days, while part-time workers would run out of money after 37 days.
Tanya Jackson, corporate affairs manager at Yorkshire Building Society, said: “In the current economic climate, this research paints an extremely alarming picture for those consumers without any protection products in place. (ANI)
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