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Financial resilience remains a challenge

By May 8, 2023 August 9th, 2023 No Comments

One in five workers would rely on their partner’s income or savings if they were unable to work, according to a recent report1 that paints a worrying picture of the nation’s financial resilience.

More than one in 10, meanwhile, would resort to taking on debt to cope, with one in four working adults having less than £1,000 in savings. Over a third of those with non-mortgage debts owe up to £5,000.

Self-employed issues

While anyone can suffer financial hardship, self-employed people are especially vulnerable, the research notes, due to their less stable pattern of income. 

Despite the greater risk, self-employed workers are less likely to have crucial safety nets in place. Just 6% of self-employed workers have an income protection product that they purchased themselves, compared to 16% of employees.

Safety net

Income protection serves as a safety net that provides a replacement for your salary if you are unable to work due to illness or injury. Protection insurance is seen by experts as a key step to achieving financial goals.

56% of UK working adults surveyed said they would feel more financially resilient if they had such a policy, a figure that rises to 60% for 25 to 44-year-olds currently without protection.

As with all insurance policies, conditions and exclusions will apply

1LV=, 2023 

Contact us today to see how we can help with your protection needs.

David Mortell

David Mortell

David is Ce(MAP) and Ce(RER) qualified and has 14 years’ experience delivering top-rated mortgage and financial advice.In 2014, David took the plunge and started Agentis Financial & Mortgage Solutions with award-winning mortgage broker, Christine Long. Agentis has now become the brokerage of choice in and around Peterborough. David is also a director at our sister company, Agentis Wealth.