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Mar 5 2012
20 million Brits without financial safety net

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Tens of millions would be unable to maintain lifestyle should they fall ill
Over 20 million people in the UK would be unable to maintain their current lifestyle after September 2012 if they had to live off any “emergency” funds, it was claimed today.
A study for Bright Grey, the protection provider, shows that 41% of adults – five times more than in 2010 – say they would only be able to rely on savings, borrow from friends and family or rely on credit, for up to six months in a financial emergency.
Half (49%) of those surveyed for Bright Grey’s Financial Safety Net report believe they could rely on these types of support to survive financially for over a year.
However, in spite of this, three in five (60%) people have no cover whatsoever compared to 58% a year ago – whether that’s life insurance, critical illness or income protection.
The study also showed that nearly half (43%) of respondents say they have £1,000 or less in savings that they could access immediately. Nearly a quarter (23%) have no money saved at all.
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