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Three Weeks Breathing Space

Written By On 20/07/2013

The Legal & General Assurance Society have revealed the details of their latest 'Deadline to the Breadline Report' and some of the contents are quite disconcerting.

It shows that most of the population in Britain have either none or very little funds in reserve to cope with for a rainy day. They estimate that unless this particular category have any other income to fall back on, they would collapse financially within three weeks if they were to lose their jobs. It appears that many of them have already been forced to get help and support by using food banks.

The average savings within the United Kingdom is approximately one thousand pounds and nearly forty per cent of families have nothing at all. It is no wonder that many have and continue to turn to short term payday loans.

The Legal & General conduct this survey regularly and feel that these families are in desperate need of some financial strategy to protect them. John Pollock, L & G Chief Executive Officer comments

Our latest Deadline to the Breadline Report shows that the financial situation for most UK families remains very difficult.

However, what could be the most worrying fact is that many tend to bury their heads in the sand rather than face up to the facts. This is quite understandable as going on a spending spree can be considered as quite therapeutic for some. On average, they pay out an extra thirty six pounds per week on clothing, plus an extra twenty five pounds on tobacco and drinking.

But according to the report, there are indications of a very strong divide between the north and south as far as savings are concerned. An average family in the north east has an estimated savings of about two hundred and fifty pounds, whilst one in London would have an approximated six times that.

You can download the report or press on the calculator to estimate if you are close to the breadline at L & G