September 30, 2009
Don’t Rely On The State To Keep Up Your Secured Debts
Millions of people could be placing themselves at risk after a new study found that as many as 16.5 million Brits believe that the State welfare system provides an adequate safety net for a modern standard of living.
According to research commissioned by Scottish Provident, in 2003, just one in five people questioned said they believe that the state provides an adequate safety net for modern standards of living. Today this figure has risen to more than a third, despite job seekers allowance increasing by just £5.76 on average during this time.
The report does reveal a continuing high level of support for a welfare system, with 72% of Brits believing that the state welfare system in Britain should provide an adequate safety net for modern standards of living.
Susan Barclay, head of marketing at Scottish Provident says: “More people have come to believe that the state would provide an adequate safety net should the worst happen but the reality is that the average increase in job seekers allowance of just under £6 doesn’t come close to the cost of living in today’s world.”
If you have made no provisions for unemployment, it might be time to think again. There are various ways in which you can use your money to protect you should the worst happen – namely a savings plan or redundancy protection insurance. You may think welfare can keep you safe if you were to lose your stream of income but if you do the maths, you will probably be shocked to find that you would end up defaulting on many of your responsibilities and ultimately finding yourself in more trouble.
Talk to a financial adviser as soon as possible about protecting yourself against the worst. Before the worst happens, take action as soon as you can.
SOURCE: Scottish Provident, 25/09/09
To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.
Related posts:
Filed under Secured Loan by admin
