Scottish Widows’ research found that over two-fifths (44%) of respondents would make cuts in their general expenditure and 43% said they could delve into their savings. The company found the second statistic particularly worrying, given that 58% of the people they surveyed had less than £2500 in savings, did not have any at all, or did not know how much they had. It pointed out: “This would not go far if you consider that the average monthly mortgage (repayment) in the UK for new borrowers currently stands at £577 a month.”
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Warning over life insurance
Next week's unemployment figures will send out another warning to those fearful for their jobs, and particularly those who have no insurance in place to cope with loss of income.
