Brits only to survive 11 days if made redundant

Brits only to survive 11 days if made redundant

A study carried out by Yorkshire Building Society has found that 36% of Britons could only survive 11 days if they were to lose their job or be too ill to work.

The survey finds just how many Britons are overstretched by mortgage payments, rising fuel and food costs and higher utility bills.

The news comes as the UK economy slows and heads towards a recession.

The research involved interviews with 2,001 adults who were questioned about how much they spend every month and how much they have in savings.

Of those surveyed, 90% said they do not have personal protection insurance, which cover monthly payments for goods, services or loans during illness and redundancy.

68% admitted they either had no idea how they would survive or had unrealistic expectations of what it would take to survive.

The credit crunch and housing slowdown has meant that job losses are rife at the moment. In the last fortnight alone, housebuilders including Persimmon, Barratt’s, Bovis and Redrow all announced job losses due to the housing slowdown while Wolseley, the world’s largest distributor of plumbing materials, announced further job losses as a result of the property slump.

Last week, figures from the Office for National Statistics revealed that unemployment in the UK increased by 12,000 to 1.62 million in the 3 months to May.

Earlier this week, the Bank of England said it has found evidence of bosses starting to freeze or cut back on hiring staff to cut costs.

The research from Yorkshire Building Society found that the average monthly outgoings of those surveyed was £1,445, whereas the average savings totalled £2,474. Consequently, if the average person lost their job, they would survive a little under two months.

Commenting on the findings, Tanya Jackson of Yorkshire Building Society, said our research finds that savings are not viable options for the majority of consumers to rely upon should they become too ill to work or lose their job.

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