Home-savers at risk of financial catastrophe due to Universal Credit - ABI

‘Percy’ alpha version launches

Adam Saville
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Home-savers at risk of financial catastrophe due to Universal Credit - ABI

Those with more than £16k in savings could lose 80% of income if unable to work, 'Percy' analysis shows

People saving for a home are among the most at risk of financial catastrophe if they become ill or injured, analysis from the Association of British Insurers (ABI) has revealed. Universal Credit rules dictate that anyone with more than £16,000 in savings is not entitled to support when ill or injured, far less than the average house deposit which is £41,099. Analysis using the ABI's ‘Percy' tool, an income shock calculator, estimates that someone with more than £16,000 saved up for a house...

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