Supportive Brits incur five-figure costs

Friday, 15 April 2011 03:23

Who can put a price on friendship? Scottish Provident has tried, as the financial services provider reveals the amount spent by the typical Briton each year in lending a helping hand.

At £10,339, the sizeable cost of supporting family and friends is equivalent to 39 per cent of the average person's annual salary.

In many cases, the dependant is of the older generation, as three per cent of working-age Brits are helping support their father and four per cent are lending a financial helping hand to their mother.

"With such a high proportion of an earner's gross income spent on those that they care for, it is vital that financial providers are protected so their dependants also have a robust financial safety net," says Scottish Provident head of marketing Susan Barclay.

For example, just 21 per cent of people have critical illness cover in place, guaranteeing their income during a period of extended sickness and a product that had a claim success rate of 90 per cent with Scottish Provident in 2010.

Use the Myfinances.co.uk comparison tables to find the best deal on home insurance

• Tags:
• critical illness cover
,
• income protection
,
• money
,
• news