July 28, 2008

A few days from financial ruin

For anyone who is unlucky enough to lose their job or those that find themselves in the situation where they are unable to work through illness. It has been estimated that over thirty per cent would only be able to survive financially for just eleven days.

This terrible thought just highlights the delicate line that people walk between being ok and going under if the, worst happens. This is because a lit of people are spending their incomes right up to the limit, with no room for mistakes.

Financial disaster can happen through job loss, cut in pay or hours, illness and rising costs. On average households are spending around £333 on essentials such as finance payments, council tax, and luxury items. This leaves around 34% of the population with less than £500 in savings, which is where the eleven days come into play.

Source [Daily Mail]