One in five financially unprotected
Tuesday, 28 October 2008 05:00
Almost one in five Brits have no financial cover in place to protect against an unexpected loss of income.
According to research from GE Money, 18 per cent of adults do not have any insurance products or savings that could see them through difficult economic times.
The survey found 78 per cent do not have any form of insurance to cover them for income protection, personal accidents, or sickness; 76 per cent do not have a will in place; and 57 per cent do not have savings.
Chris Tapp, director of Credit Action, said: "As the economy comes crashing down many consumers are left with no financial cushion whatsoever. It is unfortunate that preparing for tomorrow through saving has been badly neglected.
"For many people this will mean that they land in the economic crisis with a very painful bump. For many though taking action now could help soften the blow."
Those living in Liverpool are the most exposed to risk, with nearly one in four having no financial cover in place (24 per cent), followed by those in Belfast (20 per cent).
Birmingham has the lowest proportion of risk-takers, with just 13 per cent having no protection.
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