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Brits not prepared financially for loss of income this Christmas

9th December 2008 Print
With the news that stressed out Britons are being forced to work extra hours and take on a second job in order to fund their households and families this Christmas, research from Combined Insurance has found that more than a third of Britons (34%) would face financial ruin after just twelve days should they suffer a sudden loss of income.

The leading accident and health insurer asked a GB representative sample of 1,926 adults how much money they had in savings that they could access quickly in the event of an emergency.

The findings revealed that 34 per cent of Britons in the UK have £500 or less tucked away for a rainy day and with average monthly expenditure exceeding £1,281 they would only survive for 12 days before their finances run dry. With the Christmas season fast approaching and spending increasing over the coming months it seems many are ill prepared should the worst happen.

Young people are the most at most risk; over a third (35%) of 18-24 year olds have no savings at all and over half (51%) of them have just £500 or less tucked away for emergencies.

Nigel Brittle, Director at Combined Insurance commented: “Our findings show how serious a loss of income could be for a large number of people in this country, particularly around Christmas time when many people are living on the edge financially, and are concerned about how they will meet their financial commitments in the event of illness or injury.

“Now more than ever, people should be protecting their most important assets; their health and their income, in case the worst should happen. Combined Insurance can help make a bad day better by providing insurance cover to protect against an unexpected loss of income.”