Nation urged to prepare for financial trouble
09/08/2006
Britons are being encouraged to prepare for financial emergencies by increasing their savings and checking their insurance policies.
New research by Prudential UK suggests that 27 per cent of the nation believe their savings are sufficient enough to protect them if they were to lose their job or become ill, but many do not have this financial security.
One person in three has too little money put away in case of a cash crisis, putting the nation at risk of financial meltdown, the organisation states.
Additionally, 2.9 million working Briton's fear they could soon lose their job, which increases the need for insurance and savings.
"No-one likes to think that they could get a severe illness or lose their job, but what if the unthinkable happened?" asked Angus Maciver of Prudential.
"These times would be difficult enough without having to worry about covering the mortgage and potentially losing your home. Yet without any savings or protection, many people put themselves in this vulnerable position."
Prudential also indicates that one in ten people have ensured they will be financially comfortable in the event of job loss or illness and urges the nation to seek financial advice to secure their futures.
Similar research was conducted by IFA Promotion earlier this year; the organisation found that less than 20 per cent of the nation were prepared for a financial crisis.
New research by Prudential UK suggests that 27 per cent of the nation believe their savings are sufficient enough to protect them if they were to lose their job or become ill, but many do not have this financial security.
One person in three has too little money put away in case of a cash crisis, putting the nation at risk of financial meltdown, the organisation states.
Additionally, 2.9 million working Briton's fear they could soon lose their job, which increases the need for insurance and savings.
"No-one likes to think that they could get a severe illness or lose their job, but what if the unthinkable happened?" asked Angus Maciver of Prudential.
"These times would be difficult enough without having to worry about covering the mortgage and potentially losing your home. Yet without any savings or protection, many people put themselves in this vulnerable position."
Prudential also indicates that one in ten people have ensured they will be financially comfortable in the event of job loss or illness and urges the nation to seek financial advice to secure their futures.
Similar research was conducted by IFA Promotion earlier this year; the organisation found that less than 20 per cent of the nation were prepared for a financial crisis.
