1 min Read
23 Jul 2013

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

More about Damien

Average family can survive for only 18 days without any income

 

pink piggy bank with money

A new report suggests that the average family in the UK could only survive for 18 days if they lost their source of income. The Deadline to Breadline report based on analysis by the Centre for Economics and Business Research also found that 37% of Britons had no savings. The report which was commissioned by the insurer Legal & General made the following findings:

  • On average people in the UK can survive for only 18 days without any income after which they could be on the breadline financially
  • People believe they could actually survive three times longer (57 days) than the actual figure of 18 Days
  • 37% of people have no savings putting them on the breadline immediately if they lost their source of income
  • Average UK savings is £600
  • 60% of households say that they would not expect to receive any financial support from friends or family in the event of a financial disaster
  • Those that felt that they would get financial support from friends and family think the average amount of help would be £155

How long could you survive if you lost your source of income

To find out how long your family would survive without any income use this handy calculator.

For further advice please read our articles - Building an Emergency Fund - the what, why and how and Start 'Big Picture' Budgeting

 

Images - razvan ionut / FreeDigitalPhotos.net

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