Tuesday 1st of February 2011
Too few people in the UK have adequate financial provisions, it has been claimed.
Susan Barclay, head of marketing at Scottish Provident, noted her company's Financial Safety Net report revealed many individuals lack the means to maintain their current standard of living should something happen to the main breadwinner of their family.
This could be particularly hard-felt by those already deep in the red, who may need to ask individual voluntary arrangement questions to help pull them out of their dire financial situation.
Ms Barclay added UK adults without any emergency savings "who would rely solely on credit cards in a time of financial emergency would only be able to maintain their current standard of living for just five months".
Her comments come after the fourth annual Post Office Consumer Credit Report found 11.5 million individuals turned to credit in order to fund their everyday purchases in January, due to their cash shortfall in the post-festive season period.
By Hayley Jones
