Though the amount families save has grown over recent years, the average UK family savings pot is unlikely to withstand major financial shocks.
New research* shows that they have, on average, just £3,150 in savings. But many families are left even more vulnerable.
Average savings pots:
- £563 – Single parents
- £917 – divorced, widowed or separated parents
- £3,758 – married/committed relationship, two or more children
- £4,257 – married/committed relationship, no children planned
- 25% of families are not saving
Life-changing events such as the loss of a regular income, accident or illness can create a financial crisis. What’s more, ‘unexpected expenses’ are the biggest worry for more than half of all families.
Protect+ income protection and critical illness cover can help safeguard families – especially those with low levels of savings.
How vulnerable are your clients?
*Source: Aviva Family Finances Report January 2016
