One in five households a month from financial hardship

Direct Line Life Insurance report finds

Jaskeet Briah
clock • 1 min read

Over half of households (55%) will run into financial difficulties within a year if the main breadwinner was unable to work as household bills and the cost of living rises, according to Direct Line Life Insurance.

Research from the provider's recent report found that over one fifth of households (22%) would only last a month before facing financial hardship if the main breadwinner became seriously ill and was unable to work, equivalent to 6.3 million households across the UK. Direct Line reported the number of adults without jobs due to long-term illnesses is rising, from around 2 million people in the spring of 2019 to approximately 2.5 million in the summer of 2022. The findings show 25% of households do not have any savings in place for emergencies and nearly half (47%) of those with savings...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Cost of Living

Green Party launch manifesto

Green Party launch manifesto

Focus on taxation and healthcare

Cameron Roberts
clock 12 June 2024 • 2 min read
Half of workers struggle to afford dental care

Half of workers struggle to afford dental care

Health Shield research shows

Jaskeet Briah
clock 14 May 2024 • 1 min read
Long-term savings difficult for third of consumers

Long-term savings difficult for third of consumers

No savings beyond rainy day

Cameron Roberts
clock 01 May 2024 • 1 min read