The average British family has just 19 days before savings run out if the main breadwinner is unable to work, L&G has reported.
According to the provider's Deadline to the Breadline Report, family has just 19 days before its savings would run out if the main breadwinner is unable to work for any reason.
The report researched the length of time the average household could last on savings following a sudden loss of income due to long term sickness, injury, critical illness or death.
John Pollock, group executive director at Legal & General, said: "It's concerning to see that the average UK family has only 19 days. Clearly, families aren't prepared financially for when the worst happens-loss of income, critical illness or death- and the sad reality is that they need to be ready."
He added the aim of the report was to stimulate debate in the industry about better consumer engagement with protection.
The report is the first of a series of publications that will track the financial health of UK households.
Families in South East England would last the longest at 37 days, the North West at 22 days and the South West at 21 days.
Households in the West Midlands came out as the least prepared with a ‘deadline to the breadline' of just seven days.
Pollock said: "We all know how tough it is out there for families at the moment. For many, simply making ends meet and staying in regular employment is a daily challenge. But the loss of regular income would render the ‘muddling through' approach that many households are taking right now impossible.
"Cutting back on saving and buying insurance may save some money in the short term. However, if the worst happens, the situation for many families could well be extremely worrying. At times like this it is even more important that people consider how best they can plan for a financial catastrophe."
