Britons just 17 days from financial meltdown
Inadequate levels of savings mean most Britons could survive financially for just 17 days if they were to unexpectedly lose their income.
Some 52 per cent of UK residents have savings of under £500 to their name, and almost two in five (38 per cent) have nothing saved whatsoever, data from Combined Insurance shows.
As the UK's average monthly financial commitments are currently £954, this means that in less than three weeks most Britons would be in debt with no means to pay it off.
"Our health and our ability to work and earn a living are probably our most important assets," said Combined Insurance's Nigel Brittle.
"Whilst we are all aware of the need to cover our mortgage payments, our home contents and our car, the majority of us forget about protecting ourselves and our other financial commitments.
"The modest amount of savings put aside by millions of Britons shows just how seriously a loss of income could affect us, and our families."
And the 17-day figure is just the tip of the iceberg.
Almost half of 20-something Britons have nothing saved at all - meaning they could survive for just four days should they lose their income.
The position does get better with age, with 43 per cent of those in their 50s having more than £3,000 squirreled away in the bank.
But as well as savings, there is another way to protect yourself from a loss of income.
While specific insurance policies - such as critical illness cover, accident insurance, and payment protection insurance polices - will cover specific costs, income protection insurance can sometimes do a better job of protecting your lifestyle while you look for work.
"For little more than the price of an average take-away, people could take steps to have the peace of mind knowing that if the worst should happen, they and their family are able to make ends meet," Mr Brittle concluded.
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