By Patrick Goddard, Financial Adviser, Manning and Company Independent Financial Advisers
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The money could run out in just 16 days for families in the South West and 26 days for the UK as a whole.
According to a recent report, if the main breadwinner was taken seriously ill or suddenly died, families in the South West had on average just 16 days before all their savings ran out and they found themselves on the breadline.
According to the report, the average household savings in the UK was just £1,010. But if you thought that was low, 33% of UK households had no savings at all - meaning they could be on the breadline tomorrow.
Optimistically, people had believed they could survive 3 times longer (48 days on average) compared to the reality of 16 days.
Without any other means of income, what about relying on friends and family? The average monthly amount they could spare was £107; however 66% of households said they would not expect to receive any financial support from friends and families.
According to a recent report, if the main breadwinner was taken seriously ill or suddenly died, families in the South West had on average just 16 days before all their savings ran out and they found themselves on the breadline.
According to the report, the average household savings in the UK was just £1,010. But if you thought that was low, 33% of UK households had no savings at all - meaning they could be on the breadline tomorrow.
Optimistically, people had believed they could survive 3 times longer (48 days on average) compared to the reality of 16 days.
Without any other means of income, what about relying on friends and family? The average monthly amount they could spare was £107; however 66% of households said they would not expect to receive any financial support from friends and families.
This year it doesn’t get better; with welfare reforms, austerity measures and cuts - how long could your family survive financially if the worse was to happen?
If this makes you feel vulnerable, then arrange a free meeting with a Manning and Company financial adviser who will review your finances and discuss what protection measures you could put in place.
Research - Legal & General Deadline to the Breadline Report 2014
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