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Deadline to Breadline

19 June 2017

Planning ahead is something we all do without thinking, from saving for holidays to who does the school run. Financial planning on the other hand can sometimes seem overwhelming or something to put off until tomorrow. Legal and General’s new Deadline to Breadline research reveals that on average UK employees could be on the breadline in just 32 days if they lost their main source of income due to sickness, accidental injury or death. 

Other key findings from the research: 

  • More than a quarter (26%) of UK employees said that their current savings would last them just one week or less.
  • Nearly one-quarter (23%) said they do not save any of their income each month, so for these people their 'Deadline to the Breadline' could be tomorrow.
  • On average, UK employees have just over £6,500 in savings, yet they believe they would need at least a further £9830 (£16,330) to feel financially secure.
  • 69% of employees would go without eating out to make ends meet, while only half (50%) said they would end subscription services such as Netflix and Spotify
  • 16% of those surveyed had over £10,000 of debt to pay off, with the average respondent being nearly £5,000 in debt
  • 30% of UK employees have no financial back-up in place should they or a loved one be affected by a critical illness, disability, redundancy, salary loss or death. 

Every day, families across the UK face trials and tragedies that will financially affect the main breadwinner’s income. Yet the research shows most have little to fall back on if the worst happens. Click here to use Legal & General’s calculator to work out your or your customer’s deadline. 

To find out more about the research or to see useful tools that will start great conversations with your customers click here.

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