Report exposes protection gap danger

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The importance of protection has been highlighted in a report suggesting the average person would last just 52 days financially if they were unable to work.

The Yorkshire Building Society study says Britons are living on a “financial tightrope”, pointing out average monthly outgoings are £1,445 while the average accessible savings are just £2,474. Over a third of people would only survive for 11 days with less than £500 in accessible savings, the report suggests. It says those most exposed to the savings gap include divorcees, the part-time employed as well as those aged between 35 and 44, and 16 and 24. Nine in ten people have no personal income protection in place, while 68% have no idea how they would survive if they were unable to work,...

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