A new report indicates that more than a third of British households have “no strategy in place to cope with financial hardship.”
The report by Legal and General, citing data from the Centre for Economics and Business Research (CEBR) says 35% of the population have no backup savings to protect them in the event of a financial emergency.
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.
Among the most vulnerable demographic are citizens of working age (18 to 64), which the survey reported are just two weeks away from requiring some sort of government assistance.
The results of the survey should provide a wakeup call for many Britons, many of whom, according to the authors of the report, believe they could survive 77 days following a “sudden loss of income.”
The survey comes as a record number of low-income families are reportedly seeking assistance from food charities.
Some 500,000 adults and children were given three days’ emergency food supplies in the first six months of 2014, said the Trussell Trust, a UK charity organization, as cited by the Guardian.
The charity said the number of people referred to its 400 food banks had jumped 38 percent compared with the same period last year.