Families feeling 'financially vulnerable'

Gillian Cooper
Insurance news
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A recent study has shown that families increasingly think they would find it difficult to cope financially if they suffered an unexpected crisis.
According to Scottish Widows’ Centre for the Modern Family (CMF), 19% of people across the UK are struggling to cope with unforeseen crises, up from 14% in 2012.

CMF panellist Liz Fraser believes financial insecurities, exacerbated by low or no savings, could be to blame.

She said: "Without the ability to put money aside, we expect families will continue to worry and feel vulnerable in unexpected times of need."

Fraser added: "Until wage levels begin to recover in line with the cost of living, many will struggle to put this much-needed comfort blanket in place."

The survey found the main underlying cause of poor resilience was low income, with 28% asserting it was negatively impacting quality of life. Poor health and time poverty were also given as reasons.


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