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12 May 2006
Nearly half of those in their 20s have no savings and could survive financially for just four days without help if they lost their income, shows a study.
Around 53 per cent of those in their 50s, however, have over £3,000 saved for a rainy day or for if they have to deal with unexpected costs.
With average monthly financial commitments in Britain at £954, the 52 per cent of the population who have savings of £500 or less could survive financially for just 17 days without help, predicts the study from Combined Insurance.
"Our health and our ability to work and earn a living are probably our most important assets," said Combined Insurance's Nigel Brittle.
"Whilst we are all aware of the need to cover our mortgage payments, our home contents and our car, the majority of us forget about protecting ourselves and our other financial commitments."
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