Britons ‘walking financial high wire’
Almost half of British households require two salaries to get by, according to new research from Scottish Widows, illustrating the dire financial circumstances of much of the country.
The figures show that 44 per cent of British households require two salaries to maintain an acceptable standard of living, the majority of which goes on essentials rather than savings.
Scottish Widows claimed that 57 per cent of take-home pay goes on essential items such as mortgage and debt repayments, food, utilities and taxes.
More than a quarter of respondents said that they had no savings at all, while an additional 25 per cent said they have less than £3,000.
But with average household essentials costing £1,100 a month, most people's savings would run-out within three months.
However, the situation is even worse for married couples and families with two children, the majority of whom require two salaries just to get by.
Furthermore, too few have adequate protection should something happen to the primary breadwinner.
"The majority of the population is walking a financial high wire without a safety net," Nick Kirwan, Scottish Widows' protection market director, said.
"Nobody knows what is around the corner, but we have to accept that all too often illness does strike and accidents do happen.
"If people don't start to take responsibility for their own financial futures then they could be left in a position where they can't even cover the essential expenditure in their lives."
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