Alliance & Leicester reveals necessity of income protection

23 June 2005
The majority of British workers would find it extremely difficult to manage financially if they were unable to work, according to the Wealth Tracker Index from Alliance & Leicester.

The Index reveals that more than half (56 per cent) of those who currently work in the UK would not be able to cope financially if they were forced to leave work in the event of an accident, illness or unemployment.

More than sixty per cent of those would require up to £1,000 each per month to supplement their current savings, whilst just under a quarter (22 per cent) would need as much as £1,500 per month just to stay afloat.

One in five British workers actually have no insurance and hardly any savings at all to fall back on, the Index found.

"When you work it can be easy to take your monthly income for granted," said Sarah Ennion, product manager at Alliance & Leicester.

"However, if you become ill, suffer an accident or are made redundant then you may be unable to earn an income. It is therefore important to consider what measures you can put in place to ensure you can continue to meet your financial commitments and maintain a reasonable standard of living."

Of those who could manage if they were unable to work, one in five would either have to spend their savings, or rely on their partner's income to survive.

Click here to find out more about income protection.

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