Britain 52 days from financial ruin

A lack of savings is putting Brits as risk of financial peril, according to the latest research from Yorkshire Building Society.

While the average level of savings stands at £2,474, we each spend an average of £1,445 a month.

As a result respondents to the survey would be able to live for just 52 days should they lose their job, argues the research.

Although, this could likely be extended with the assistance of friends and family.

"In the current economic climate, this research paints an extremely alarming picture for those consumers without any protection products in place," said Tanya Jackson, corporate affairs manager at Yorkshire Building Society.

"Finances for many are already finely balanced due to the rising cost of living and the research reveals that both state benefits and savings are not viable options for the majority of consumers to rely upon for an adequate length of time."

Shockingly, over a third (36 per cent) would only be able to last 11 days, with less than £500 in accessible savings.

The Welsh are the most guarded against potential financial disaster, with enough for some 91 days worth of saving squirreled away.

While this falls to 52 days in the south-east and north-west, those in the Midlands and Yorkshire & the Humber have only 46 days of savings available to them.

Although one in five (21 per cent) of respondents had no idea how they would cope if they were deemed unable to work, 19 per cent said they would manage on state benefit allowances.

However, as average weekly out goings of respondents equalled £333.56, this leaves a weekly shortfall of £258.16, as the current state benefit stands at £75.40.

Chris O'Toole