A third (33%) of UK households could not cope financially if they lost their main income yet only 7% of the population has income protection (IP), according to research.
The study estimated that 8.5 million UK households would be unable cope at this loss of the main income while just a quarter (26%) said they would be financially secure in the long term. These latest results from the Scottish Widows Consumer Protection Report illustrate the number of households that are leaving themselves financially vulnerable. The YouGov survey of 5,148 people also showed that 44% of respondents families are reliant on two salaries, rising to almost half (49%) those with children. Mortgage holders have an even greater reliance, with 51% stating they were reliant ...
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