Unable to work? Average savings won’t last two months

More than a third of Britons only have enough savings to last 11 days in the event they become unable to work, research has found.

Yorkshire Building Society revealed that 36 per cent have less than £500 put away, but the average monthly outgoings are £1,445.

On average people in the UK can access savings of less than £2,500, which would provide support for 52 days.

As the report also showed that 90 per cent of people do not have personal income protection, the building society’s corporate affairs manager Tanya Jackson said: “It is extremely worrying to see that many Britons are ‘living on the edge’ and we therefore urge consumers to take a look at their protection needs.”

National Savings & Investment recently warned consumers to check that their savings accounts are earning enough interest to keep up with inflation.

© Adfero Ltd

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