Research has indicated that a large number of adults in the UK are completely uninsured.
A large number of adults in the UK are not insuring themselves in any way, according to a new study.
Research by Barclays has found that nearly half (47 percent) have no policies at all, despite negative reports about the economy and employment. Three quarters have no critical illness cover, while just over half (52 percent) do not have life insurance policies in place.
The figures for the 35 to 54-year-old age group, which Barclays claimed usually has the most responsibilities in terms of looking after others as well as themselves, were not much different, with 45 percent not having life insurance. Additionally, just less than three quarters of these (74 percent) are not protected should they lose their job.
Barclays Financial Planning head of customer and proposition, Alison Tattersall, said that when budgets are tight, people avoid protection for things they do not want to think about. However, she added: "People must consider the financial consequences of what would happen if they were unable to work, or their dependents' situation if they died, it would be far worse than any concerns they currently have over struggling to meet their outgoings."
On top of the lack of protection, 60 percent of respondents said they believed they had less than a month's salary in their savings account, if they knew at all.
