NORTH WEST FAMILIES JUST 2 WEEKS AWAY FROM THE BREADLINE

North West families have just 2 weeks before their finances fall short. A recent study of households in the UK has highlighted that those in the North West have less savings than the UK average meaning that they are closer to the breadline than other regions.

The survey, carried out by Legal & General, highlighted that families in the North West are potentially just 2 weeks away from significant financial hardship if their income is taken away – lower than the national average of 4 weeks and significantly lower than the 72 days that people believe they have until financial crisis.

Ian Keeling, Head of Sales and Marketing at Vernon Building Society commented on the survey’s findings:

“This survey highlights the precarious situation of some families in the North West where a loss of income would start to impact significantly within weeks.  It’s always a good idea to have savings available particularly if you have a family that rely on your income.  There are also income protection policies that can help in these situations but these need to be a planned in advance rather than something that is considered when it’s too late.”

Average UK savings are £1,010 per household with one in 3 having no safety net whatsoever, however the median figures of household savings and investments in the North West is much lower than this at just £570 per household.