Loss of income not being considered, poll finds

Category: Income protection
Date: 4/9/2009

British consumers are not protecting themselves financially against unexpected emergencies, research has indicated.

The average person told National Savings and Investments (NS&I) that they would expect to need almost £5,370 in order to cope with unforeseen events such as ill-health or loss of income.

However, 32 per cent of respondents do not have any money set aside, with a similar number having given little thought to the issue.

Those who have not built up any savings may wish to take out income insurance, particularly as a recent forecast predicted that redundancies will rise.

According to the British Chambers of Commerce, unemployment is set to reach 3.2 million by the third quarter of next year.

Commenting on the results of the poll, NS&I senior savings strategist Dax Harkins said: "We all face the possibility of situations that we simply have no control over - so it's essential that we are all prepared for any emergency that will require immediate access to money."

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