Alliance & Leicester recommends financial reviews

More than half of British workers would not be able to manage financially if they were unable to work in the event of accident, illness or unemployment, a new report states.

Alliance & Leicester is calling on those who rely heavily on their monthly income to arrange a review with a financial advisor to establish the type and level income protection that would best suit their needs.

The building society found that many Brits cannot afford to rely on their partner for financial support and advises workers to cover themselves for loss of income due to accident, illness or unemployment.

Alliance & Leicester’s Wealth Tracker Index suggested that 61 per cent of those surveyed would need up to £1,000 each month to supplement their current savings, and a further 22 per cent would require up to as much as £1,500 each month, to manage whilst off work.

Of those who would be able to manage (44 per cent), 20 per cent reported that they would either have to spend their hard-earned savings, or rely on their partner's income in order to do so. One in five respondents (21 per cent) admitted to having no insurance and hardly any savings at all to fall back on.

Sarah Ennion, product manager at Alliance & Leicester, urged the public: "It is important to consider what measures you can put in place to ensure you can continue to meet your financial commitments and maintain a reasonable standard of living."