According to the survey, a quarter of the UK population said they would face money worries after just one week if they lost their job. One in three admitted they don’t put anything aside for emergencies, and more than half have no protection policies in place.
Around two in five UK adults currently describe themselves as either “stressed” or “very stressed”’ and almost half of those with no savings or who can’t afford to put money aside each month are feeling the greatest strain.
When asked what would increase their stress levels, three in five adults said “having no income.”
According to the Office for National Statistics, 1.49 million people claimed Jobseeker’s Allowance (JSA) in May 2011, up by 19,600 since April.
The number of men claiming JSA increased by 11,100 to reach 1.01 million and the number of women claimants increased by 8,500 to reach 483,700; the highest figure since September, 1996.
Kevin Paterson, Sales and Marketing Director, Assurant Intermediary said:
“Protection products like MPPI and Income Protection provide very valuable financial protection for consumers. Brokers should be contacting all their past clients to see what protection they have in place.
"Consumers need all the help they can get right now.
"There is a tremendous amount of confusion as to what they can and can’t get from the state. Supported by providers who have access to quality protection products underwritten at the point of sale, and who offer practical training and marketing support, brokers are ideally placed to provide the expert advice on protection their clients so desperately need.”
