Jul 28 2008
A study released last week by Yorkshire Building Society has found people over 55 are among the best prepared for a sudden loss of income.
Those saving for retirement may be interested in the research, which found nest egg savings accounts, Sipps and other funds would see those over 55 through 97 days without income.
The study found the average British adult had savings that would last 52 days. Over a third (36 per cent) of people would find themselves in financial difficulties 11 days after income ceased due to illness, redundancy, having to care for a family member, or other reasons.
However, people saving for retirement may want to consider protecting their income. According to the building society, 90 per cent of the population does not have protection to cover them if the money stops coming in.
Corporate affairs manager Tanya Jackson said: "[We] urge consumers to take a look at their protection needs in order to assess how they would cope financially."
The research found those over 55 were the best prepared after widowed people, who had savings potentially lasting 120 days.
