One third spend £10,000 supporting others
Over 15m adults in Britain spend up to two-fifths of their salary financially providing for others – but the majority do not have life cover.
Helping hand: One third of us spend £10,000 a year supporting others, but most leave their dependants under protected
The average earner’s salary is currently £26,510 and research from the life insurance providers, Scottish Provident, has found that 31% of the current UK adult population (over 15m) are spending on average £10,339, a year financially supporting their dependants.
But less than half of those who are financially responsible for others, be they children, parents, siblings, or a partner, have any form of life cover in place.
That 45% leave their loved ones uncovered if the worst happens.
Susan Barclay, of Scottish Provident said: ‘They could be seriously risking their financial security as well as that of their dependants.
‘With such a high proportion of an earner’s gross income spent on those that they care for, it is vital that financial providers are protected so their dependants also have a robust financial safety net in place’.
The increase in workers financially supporting across generations whilst juggling their own bills, led Scottish Provident to urge more people to get life cover.
Ms Barclay said: ‘There has been a rise in recent times of what is dubbed the ‘sandwich generation’ – people who have both children and elderly parents financially reliant on them. Even children who have flown the nest may still need provision when it comes to accommodation and tuition fees, while they may also be paying nursing home fees for their parents and juggling their own bills’.
Those considering life cover and unsure of what is best for them are advised to take the time to speak to an independent financial advisor IFA to evaluate what best suits their personal financial situation and protect their household accordingly.
Essential reading: How to really get the cheapest life cover
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