There are 3.2 million working couples in the UK who are reliant on two incomes to make ends meet, an analysis suggests.
The survey of 2,000 adults by LV= found 16% were “Double Income, No Option” households (DINOs) who would struggle to cope if they lost one of their incomes.
Despite this, 59% said neither they nor their partner has income protection, with 25% assuming it was too expensive.
When asked what they would do if they had to rely on one income, 52% said they would not go on holiday, 47% would shop around for deals, 31% would apply for government benefits, 17% would have to downsize their home, and 15% would rely more on credit cards.
A further 16% said they would not be able to cope at all and 11% have never thought about how they would cope.
A quarter (23%) of DINOs said their household’s financial situation has got worse over the past two years, with 27% saying their double wage is not stretching as far as it did this time last year.
Chris McNab, head of life propositions at LV=, said with many people saying their household’s financial situation has got worse over the past two years, it is even more important they take the time to ensure they are prepared to withstand a personal financial shock.