AXA issues savings warning

www.moneynews.co.uk > Banking > AXA issues savings warning

AXA issues savings warning

Mon 6th Apr 2009

Insurance provider AXA has warned that thousands of UK families could be left seriously out of pocket by not having savings or financial cover to support them should the main breadwinner become unemployed or ill.

This comes after a new survey conducted by the organisation found that nearly half of all adults in the UK have less than £1,000 worth of savings in the bank, while 72 per cent of those polled admitted to saving less than £100 a month.

Head of protection at AXA Iain Mallon put this down to the fact that financial provision is broadly regarded as "dull" and "low priority".

"This is a serious issue for the UK public and one that needs to be addressed if people are going to be properly protected," he commented.

AXA recently joined forces with Clydesdale and Yorkshire Banks, securing a deal which will see the insurance service provide financial protection products to the banks' retail customers, in a bid to ensure they are covered during the economic downturn.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : AXA
	Co-op announces banking improvements to premier accounts
	Economic confidence among over-50s at rock bottom, claim AXA
	AXA expert unsurprised by retirement calculator decision
	AXA highlights potential pensions calculator opportunity
	AXA questions IDS pensions calculator claim
	AXA pensions calculator expert joins reform debate
	Axa retirement calculator expert highlights timescale of reforms
	Three pension calculator recommendations proposed by Axa
	More education could increase use of retirement calculators, says Axa
	Pension calculator provider Axa criticises government policy