Millions are only days from the breadline with many having no strategy to deal with a ‘loss of income’.
The Independent reports: The true extent of many Britons’ financial fragility is laid bare in a report to be published this week. Millions of people are less than a month away from having to survive on benefits, or help from friends and family, despite the average household thinking they could last 77 days after a “sudden loss of income”, warns a new report.
In reality, the average household is just 29 days away from this point, while others are much closer still, according to the Deadline to the Breadline report to be released this week.
Despite the concerns expressed by many over the rising cost of living during the year ahead, as well as fears of falling wages, more than a third of homes (36 per cent) have “no strategy in place to cope with financial hardship“, says the report from Legal & General which draws on analysis by the Centre for Economics and Business Research (Cebr) and a survey of almost 5,000 people in the UK.