One in 10 working Britons fear their jobs are in imminent danger but over a third have little or no savings to tide them through emergencies, according to Prudential.
Prudential’s research into people’s attitudes to employment and financial planning suggests 2.9 million working Brits – or one in every 10 – fear their jobs are in imminent danger and are concerned for their future.
Despite this, over a third of the UK population say they have little or no savings to tide them through should they lose their job or become unable to work.
Nearly a fifth of Britain’s workforce was signed off last year with a long-term illness, and Prudential points out while some companies may continue to pay a salary for a limited period others may not.
Job security is also a ‘big worry’ for one in 10 people in the UK and 23% worry at least occasionally about it, suggests the research.
Only 10% have insurance to cover ‘jobless’ periods and 25% say they could rely on financial support from family and friends if they lost their jobs or were unable to work.
Angus Maciver, business director of insurance at Prudential UK, says: “No one likes to think that they could get a severe illness or lose their job, but what if the ‘unthinkable’ happened? These times would be difficult enough without having to worry about covering the mortgage and potentially losing your home.”
He warns people who have not planned financially for jobless or illness periods are “30 days from financial crisis”.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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