1 in 3 families living month to month
Do you have more than a months savings?
A study by Shelter suggests that 1 in 3 families in England could not pay their rent or mortgage for more than a month if they lost their job or were unable to work.
Shelter cites high housing costs, the welfare system and lack of personal savings as the reasons for this.
Campbell Robb, chief executive of Shelter, said: “These figures are stark a reminder that sky-high housing costs are leaving millions of working families stretched to breaking point, and barely scraping by from one paycheque to the next.”
“Any one of us could hit a bump along life’s road, and at Shelter we speak to parents every day who, after losing their job or seeing their hours cut, are terrified of losing the roof over their children’s heads too.”
“In these uncertain times, the new government has a real chance to show working families they’re on their side, by protecting and improving our welfare safety net. It’s vital that if life does takes a turn for the worse, there’s enough support available for families so that they don’t go hurtling towards homelessness.”
What is the government doing about this?
The government claim they are spending in the region of £90 billion a year on working age benefits to ensure a strong safety net for the most vulnerable.
Government data shows that 16.5 million (43%) working age adults have no savings. This is from the Family resources survey 2014/15, published in Households below average income Table 5.9db, DWP, June 2016. Available here.
It would be interesting to see how Truro, Newquay and Cornwall as a whole fair against the statistics.
An income protection policy could help alleviate the financial burden if you were unable to work due to illness and a redundancy policy could provide financial support if you were made redundant.
You can find more information on protection here
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Last updated: 12th August 2016
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