Millions of families remain financially vulnerable

According to the figures from the latest Family Finances report, UK families are failing to protect their homes, their possessions and their income.

Almost a third of families have no contents insurance in place meaning household possessions worth almost £140bn are at risk. What’s more, only 35% of families have life insurance in place. And when it comes to critical illness cover (11%) and income protection (8%), the situation is even worse with even fewer families having the cover they need. This means a staggering 11.7 million households are financially unprotected against a loss of income due to illness or accident.

With an average housing spend of more than £500 a month, the failure to protect incomes is putting family homes at risk – this is especially true as the report also shows families are struggling to put money aside for a financial emergency.

Figures suggest that 17% of families have no savings to fall back on and 26% have less than £500, leaving them vulnerable to a financial set-back. Income has continued to rise in the last six months for couples either with or without children. Single, divorced and widowed parents, however, have seen income levels drop.

Single parents are scraping by on £1,010 a month – almost £1,100 less than their coupled counterparts – and they are £1,115 worse off than average. Divorced, separated and widowed parents are also struggling having seen their monthly income drop by £236 to £1,172. The widening gap between Britain’s ‘haves’ and ‘havenots’ means the gap between those families who are able to deal with a financial shock and those who aren’t also appears to be getting bigger. Since families don’t know what’s around the corner, it’s even more important to put financial protection in place.
October 2015

1 in 5 men die before Reaching 65

That’s too many men dying too young. Men’s Health Forum is raising awareness and encouraging men to become more active and eat better to improve their physical and mental health. The spotlight is on all aspects of men’s health from eating and drinking, what to do when ill, to stress at work.

There are lots of ways to get healthy – even if you’re short of time:

  • Get off the train or bus one stop earlier
  • Go for a walk at lunchtime
  • Get into gardening and housework
  • Ditch the lift and use the stairs

October 2015