UK workers' savings would last 'just four months' if they lost their income

'Surviving off savings' a common strategy to replace a salary

clock • 3 min read

UK workers' savings would last just four months if they lost their income, according to research from Canada Life Group Insurance.

The survey carried out by the group risk insurer found that: • 19 million UK employees do not have any form of income protection • More than two in five (44%) of these would rely on savings if they were unable to work • The average savings pot of £8,849 would last just 16 weeks, however, based on typical expenditure • One in 10 (9%) workers do not worry about losing income as they believe they could live off State benefits • Yet more than half (53%) could not survive on Work-Related Employment and Support Allowance Six in 10(61%) UK workers do not have any form of protection to re...

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