Blog Article

It’s time to protect your family and your finances

It’s time to protect your family and your finances

Date: 16 June 2021 | By: cosgrove

It's time to protect your family and your finances. The FCA’s recently published ‘Financial Lives survey’, conducted in February 2020, with a follow-up ‘COVID panel survey’ conducted in October 2020, revealed that 20% (10.7 million) of UK adults had low financial resilience even before the pandemic struck8
.
Adults described as having low financial resilience are often over-indebted, with little capacity to
withstand financial shocks. In the FCA’s survey, people with low financial resilience were unable to withstand a £50 drop in their monthly income or losing their main source of household income for just a week. The October survey revealed a further 3.5 million adults then had low financial resilience,
compared with the February data, those aged between 18-34 and employed adults. It's time to protect your family and your finances,

Nearly 40% of adults have seen their financial situation worsen overall because of the pandemic, while 48% of adults have not been impacted financially. The report outlines that, ‘Comparatively, the retired population has been better insulated from the financial impacts of Covid-19. This is perhaps not surprising as key sources of income for this group – the State Pension and defined benefit pensions –
have not changed.’

Improving your resilience
Improving your financial resilience and your ability to withstand financial shocks will stand you in good stead for the future. You can achieve this in many different ways, for example by building up a savings buffer or taking out protection insurance. We can help you shore up your financial resilience and have made it quick and easy to take out life, critical illness and mortgage insurance with us. We deal with all the main providers, so we are as competitive as any comparison website AND we will read the small print for you!

Quote online with us - there are many extremely practical and cost-effective options we can look at. It's time to protect your family and your finances,

8FCA, 2021


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