Britons need to seriously review their finances and prioritise neglected protection, Bright Grey has urged.
According to its Financial Safety Net report, people now need to work solidly until mid-August every year just to cover tax payments, housing costs and household bills.
Bright Grey's research reported a "staggering" 150 days spent working for the state and 55 days paying for housing; comparatively only four days were spent protecting life, income and critical illness.
Roger Edwards, managing director at Bright Grey, said: "Given that we have to work so long to cover the basic living costs it is worrying that we are willing to lavish 10 days of our salary on going out and entertaining compared to the four days that we allocate protecting ourselves and our families should we lose our income.
"We urge Britons to review their finances and really think about what they spend their money on so they can prioritise safeguarding their futures."
Today, August 20, has been marked by the provider as Bills Freedom Day.
