Savings Shortfall
Published / Last Updated on 23/06/2008
Savings Shortfall
According to Norwich Union research, more than half of people in the UK do not have life insurance and almost one-third have no savings at all. Nearly 50 per cent of the 2500 people surveyed claimed they would either be unable to pay a sudden bill of £1000 or that they would have to borrow more to pay it.
According to government figures 29 per cent of the UK householders have partners, young children or both to care for and about 74 per cent have mortgages to cover.
Our view
Many people are taking a huge risk by not planning for savings and insurance protection. The unexpected does happen. The old adage applies here of ‘no one plans to fail but many fail to plan’.
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