Almost one in two Britons is financially exposed with no cover in place, according to the latest quarterly findings from Alliance & Leicester.
A&Ls wealth tracker index survey showed that 46 per cent of UK adults has no protection in place to cover their financial commitments, despite having monthly outgoings of over 1,400.
The findings, based on a survey of 2,000 UK adults, show 88 per cent pay household bills every month 35 per cent paying out over 250 a month yet only 4 per cent have cover in place.
Monthly credit card payments average 258 a month, yet 75 per cent have no life cover or protection in place to protect those payments.
A&L product manager Sarah Ennion says: No-one knows what the future holds so it pays to be prepared. Whilst people are aware of the need to cover their mortgage payments, the majority of people forget about protecting their other financial commitments.