Advisers fear their unprotected clients would be forced to live on state benefits or rack up large debt burdens should the worst happen.
A survey of IFAs found the overwhelming majority believed their clients felt happier and more secure when they had protection in place. Scottish Provident interviewed 574 intermediaries for its Financial Safety Net report and more than half (52%) expected their clients without protection would have to rely on state benefits. Half (50%) also said people would turn to credit cards or loans to fund living expenses, while 48% thought friends and family would be relied on. Two thirds (66%) predicted clients would use emergency savings and 47% anticipated people cutting their spending on...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes