Stretched to the limit
Protecting Your Family
Aviva UK’s latest report highlights UK families; exposure to risk. The Protecting our Families report takes a holistic view of parents' approach to protecting their families, including their financial provisions and protections along with their attitudes to health. It also examines their exposure and resilience to financial losses arising from illness or death - contrasting families' expectations with the experiences of those who have unfortunately faced these unforeseen events.
Growing uncertainties facing the UK and the wider world are the subject of constant public commentary. But on a personal level, dealing with the unexpected is already an everyday reality for many parents as they seek to provide for their family's finances, working lives, education, personal health and wellbeing.
The findings bring some harsh and uncomfortable realities of life in 21st century Britain into focus, with the average family less than a month away from needing financial help if they were to suffer an unexpected loss of income.
Although no-one likes to think of falling ill or a death in the family, parents need to give careful consideration to the difficult circumstances they might face if this were to happen. Having a healthy savings pot is one solution, while putting adequate *income protection in place will ensure families keep receiving an income on a long-term basis.
Key findings in the report include:
- 45% of parents with dependent children could not support their lifestyle for a month if the main breadwinner was unable to work
- Nearly one in four families have no savings to fall back on whatsoever
- Parents are more likely to have travel insurance or insure the family pet than have health, critical illness or income protection cover.
To discuss the risks that the Protecting our Families report highlights and the support available, please get in touch. We offer a range of flexible solutions that can be tailored to your individual circumstances.
Source: Protecting Our Families March 2017