Have You Protected Your Income?
A survey by the Yorkshire Building Society has laid bare the full hardship which many in the UK will experience if they were ever to lose their jobs. It seems that the vast majority in the UK are totally unprepared for the possibility that they may see their income disappear if they were unable to work. In a nightmare scenario it is forecast that the average Briton would only last 52 days in the event of their income being taken away.
As the economy continues to slow (with growth rates falling to 0.2% for the last quarter) there is a growing threat that unemployment will rise substantially in the short term. This would lead literally millions of the UK population into poverty and place yet more pressure on the benefits system - a system which is already near breaking point. So what can be done?
Aside from making provisions where possible there is very little which the population can do at the moment. Money is tight, the cost of living is rising and companies are hitting serious financial trouble seemingly each week. While this will not last forever there is a real concern that more people than ever before will be pushed onto the breadline.
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