Many people could only survive for eleven days financially

According to the results of recent research there are many people that would only be able to survive for eleven days financially in the event of a change in circumstances that saw them unable to earn an income. Many of those that lost their jobs or were too ill to work would only have enough money to see them through for just eleven days, according to the report.

Researchers involved in the study analysed the amount that people were spending on a monthly basis compared to how much they had in savings. Well over a third of consumers were found to have only enough money to last them up to eleven days if they lost their income, with many that had less than £500 in their savings account.

An official from Yorkshire Building Society, which carried out the research said: ‘In the current economic climate, this research paints an extremely alarming picture. Many people’s finances are already finely balanced due to the rising cost of living.’

She added: ‘But our research reveals that both state benefits and savings are not viable options for the majority of consumers to rely upon for any adequate length of time.’