Scottish Widows: 30m Brits have no financial back-up

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Scottish Widows: 30m Brits have no financial back-up

According to a new study from Scottish Widows, 62 per cent of Brits - or 30 million people - do not have any money put away in anticipation of the possibility that they may be unable to work in the future.

As the recession continues and increasing numbers of people face losing their sources of income, the insurance firm's research shows that just 25 per cent of the UK population believes that they have enough cash to help them through bad times.

Just under half (45 per cent) of respondents said that they would use their regular savings to get by should they find themselves out of work for six months or more.

"No matter what the economic climate, illness, accident or death can occur at any time. Seeking financial advice and taking out protection to meet your needs can provide a financial cushion when you need it most," said protection market director at Scottish Widows Richard Jones.

The firm was founded in 1815 and became part of the Lloyds Banking Group in 2000.

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