The average UK household is just days away from an emergency situation in the event of sudden financial hardship, according to a new report to be released this week. Meanwhile, one food bank has reported a surge in new participants.
The consequences of severe economic fallout would present a real challenge for many people, considering that more than one-third of households (36 percent) in the UK have “no strategy in place to cope with financial hardship,” according to a report from Legal & General, citing data from the Centre for Economics and Business Research (CEBR).
The survey of some 5,000 people in the UK, analyzed in The Independent, shows marked contrast among people around the UK to be able to make ends meet following the loss of a job or other economic crisis, like a lengthy illness. In Wales, for example, most people would only be able to survive for seven days in the event of an economic setback, compared with Londoners, who would be able to keep going for 83 days before their funds ran out, according to the poll. Continue reading