View more on these topics

Complacent UK faces future with financial headache, says Scot Prov

Research by life and health insurance specialist Scottish Provident, the protection brand of Abbey National, which was designed to take the financial pulse of the UK, has revealed a picture of far-reaching complacency through the country when it comes to people protecting their financial future.

The research, carried out by MORI Financial Services on behalf of Scottish Provident, shows that the majority of British families are walking a financial tightrope, with nearly half the nation saying it does not have enough insurance cover or savings if the main wage earner lost their job.

The survey of families reveals that 41% of respondents would not have adequate protection insurance, savings or assets to draw upon if the main wage earner suddenly found themselves unemployed.

And 11% of all respondents say they would have to sell the house or move to a smaller home if this happened and the main wage earner was not able to find re-employment soon after. Yet 76% dream of a life without too many financial worries.

In response to this serious and widespread issue of under-insurance, Scottish Provident has produced Families Inc, the first Annual Report designed to take the financial pulse of the average UK family.

The report, presented in the same way that a company would release its annual results, puts the finances of a fictional everyday British family, the Smiths, firmly under the spotlight.

Nick Kirwan, head of marketing and product development at Scottish Provident, says the research results clearly show that people are not being serious about planning for their future, despite yearning for a comfortable life. He adds: “Everyone dreams of not having financial worries but without careful planning that isn&#39t possible. People seem to be reluctant to sit down and list the basics such as what do we earn and what do we owe. We hope Families Inc will change that.”

Included in Families Inc is a blank profit and loss account, which can be used by families to check their own financial situation and help pinpoint any weaknesses in their current financial circumstances. Families can call 0141 944 3908 for a copy or e-mail familiesinc@commands.co.uk. Families can also log on to a specially created Families Inc website,wwww.FamiliesInc.co.uk, and use the online calculator to assess their financial wellbeing.

Kirwan says: “We want to encourage families to take their &#39financial temperature&#39 on a regular basis, the way companies do.”

Recommended

Shop around, says the FSA

Consumers could save more than £700 a year by comparing prices on financial products such as current accounts, mortgages, credit cards and personal loans, the Financial Services Authority says.Research shows that four in 10 consumers think there is little difference between the costs and charges of different companies. But an FSA report titled Losing Interest? […]

My mortgage week – Richard Hall

Monday: I begin the week with a 7.30am meeting with Steve Holt, our recently-appointed operations director. We discuss the training of our new business development managers who are due to start work with us today. Steve is going to be co-ordinating the training, so we discuss the best way forward. Next on the agenda is […]

Packager views on CP146 revealed by SPML survey

Southern Pacific Mortgage Limited (SPML) recently polled its packager base on the regulatory issues raised by CP146. Results were analysed in two groups: packagers dealing both with advisers and public, and those who only deal with advisers (a roughly 50/50 split). Regarding the pending December 31 deadline for adviser qualifications, the survey found that, although […]

Lenders &#39could be vulnerable&#39

The Council of Mortgage Lenders has warned that FSA interpretation of regulations governing mortgage contracts could be costly and leave lenders vulnerable to Ombudsman complaints.The Unfair Terms in Consumer Contracts regulations were agreed in 1999. They were originally policed by the Office of Fair Trading. But now the FSA will issue guidance on the terms […]

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.

Newsletter

News and expert analysis straight to your inbox

Sign up