Benefits of a financial safety net

Don't worry if your numbers aren't exact, your best guess is good enough to help us provide you with your financial picture.

Income protection could help cover lost earnings if you couldn’t work. You may have some form of cover through your company or you may have your own policy in place.

Income protection could help cover lost earnings if you couldn’t work. You may have some form of cover through your company or you may have your own policy in place.

Income protection could help cover lost earnings if you couldn’t work. You may have some form of cover through your company or you may have your own policy in place.

Based on the information you gave on your savings and income protection, it looks as if your financial resilience would be low if you lost your income. To help improve this we suggest that you try to increase your savings. Perhaps start with putting a little away every month to help build this up. Ideally you should have savings easily available to cover at least three to six months of living expenses if you faced an emergency.

If you were unable to work you may be entitled to claim state benefits to help support you. If you are working you may have some income protection payment through your company so check if you do and the amount of cover offered. You may also want to consider insurance to protect your income.

Our tool is intended to give you a guide and isn't intended to be financial advice. Below you’ll find more tools and information on budgeting, financial priorities and places where you can get financial guidance.

Use our budget planner PDFsize: 80 KB

Based on the information you gave on your savings and income protection, it looks as if you have some financial resilience. There are two areas you should review to help build up your safety net.

Ideally you should have savings easily available to cover at least three to six months of living expenses if you faced an emergency.

If you were unable to work you may be entitled to claim state benefits to help support you. If you are working check whether you are entitled to sick pay and how long this would last in the event of long term absence.

You may also want to consider insurance policies to protect your income to increase your financial resilience. If you already have this cover in place, make sure it continues to provide the protection you need. This type of insurance usually has a period of time before they pay out, so check whether your savings are enough to tide you over if that applies.

Our tool is intended to give you a guide and isn't intended to be financial advice. Below you’ll find more tools and information on budgeting, financial priorities and places where you can get financial guidance.

Use our budget planner PDFsize: 80 KB

Based on the information you gave about your savings and income protection, it looks as if you have strong financial resilience. Well done. A couple of considerations. 

Is your income protection sufficient to meet your needs if you weren’t working for a long time? 

If you are covered by income insurance, these policies usually have a period of time before a claim is paid, so it could be an idea to check whether your savings will last until the payment of any benefit starts.    

You may wish to review your needs and take advice on whether there is more you could do to build your resilience further.

Our tool is intended to give you a guide and isn't intended to be financial advice. Below you’ll find more tools and information on budgeting, financial priorities and places where you can get financial guidance.

Use our budget planner PDFsize: 80 KB