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A third of Britons have no savings for unemployment back up

Over a third of the UK population say they have no savings or protection to back them up if they lose their jobs, despite 2.9m Britons fearing that they are in danger of becoming unemployed.
Research from Prudential found that 18 per cent of UK workers were off work last year due to long-term illness. Despite this, 36 per cent have no savings or protection in place and Prudential is warning that these people are 30 days away from financial crisis.
Only 10 per cent of Britons say they have insurance to cover periods of unemployment and 25 per cent say they could rely on financial support from family and friends.
Business director of Insurance Angus Maciver says: “Only one-in-ten of the people we surveyed said that they had planned financially for jobless or illness periods , But this leaves them in a precarious position – just 30 days from financial crisis. We would urge people to contact a financial adviser to plan their finances, in order to achieve their everyday financial aspirations and to secure their future.”


This week in Regulation

Although the two free case rule protects the vast majority of advisers from ever having to pay a case fee to the FOS, the mere prospect of paying to prove their innocence has always stuck in advisers’ throats.

Way looks to balance existing Fof offerings

Way Fund Managers is introducing a fund of funds to fill the gap between its existing portfolios in the Investment Management Assoc- iation’s cautious and active managed sectors. The global total return portfolio will be managed by IMS fund manager Paul Kim and invest in a mixture of high-yielding equity funds, bond funds and cash. […]

Edeus picks 50 packagers for panel

HBOS will make its push into the equity-release market through either its Halifax or Bank of Scotland brands, says intermediaries managing director Nigel Stockton. The giant lender had been widely expected to offer products through its specialist brands of BM Solutions or The Mortgage Business. But the bank has delivered a blow to the equity-release […]

Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


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