Most Britons are walking a financial high wire without a safety net, according to a new survey.
Research, on behalf of Scottish Provident, found three quarters of the population believe the welfare system will bail them out to enable them to maintain modern standards of living. Twenty-four per cent believe the state will provide an adequate safety net.
Fifty-five per cent of people admit their standard of living would fall dramatically if they were unable to work for six months or more due to serious illness, but many underestimate the risk of this occuring.
But just 19 per cent say they have critical illness (CI) cover. Respondents saw it as expensive and some saw little point in buying it if they had savings.
Scottish Provident head of marketing and business development David Robinson said: “There is an enormous ‘protection gap’ between the action people have taken and what is required.”