How long could you survive financially if you were unable to work?

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How long could you survive financially if you were unable to work?

For millions of people in England it may be just 11 days from financial ruin. However they calculate that the average person needs nearly $1000 per week to live! Which is absurd.

More than a third of adults could survive financially for only 11 days if they were to lose their job or be too ill to work, according to a survey.

The finding gives a worrying insight into the lives of millions who are living on a financial tightrope.

Researchers looked at how much people spend every month and how much they have in savings.

It found a massive gap between the two, which means most would be crippled by a sudden change in their circumstances.

The research involved interviews with more than 2,000 adults about their typical weekly spending and their accessible savings, which excludes pension.

It found the average weekly spend is 333.56 including essentials, such as council tax, luxuries, such as eating out, and debt repayments.

But a shocking 36 per cent of people have less than 500 in savings to use in an emergency.

As a result, they could survive for just 11 days before their finances would implode.

On average, women would be much less well prepared to cope than men.

Tanya Jackson of Yorkshire Building Society, which carried out the research, said: 'In the current economic climate, this research paints an extremely alarming picture.

'Many people's finances are already finely balanced due to the rising cost of living.

'But our research reveals that both state benefits and savings are not viable options for the majority of consumers to rely upon for any adequate length of time.'

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By netchicken: posted on 26-7-2008








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