Less than half of those who support dependants financially have a life insurance policy

Adults in Britain spend on average £10,339 a year financially supporting their dependants, according to the Financial Safety Net Report from Scottish Provident .

The research revealed that nearly 15.2 million British adults (31 per cent) currently have people relying on them financially which costs on average, two fifths (39 per cent) of their gross income. This adds up to £10,339 each year for the average earner. However, less than half (45 per cent) of those financially responsible for others, including children, parents, siblings or a partner, have any form of life insurance cover in place.

Susan Barclay, head of marketing at Scottish Provident, said: “With such a high proportion of an earner’s gross income spent on those that they care for, it is vital that financial providers are protected so their dependants also have a robust financial safety net in place. By not doing this they could be seriously risking their financial security as well as that of their dependants.”

The study also found that four per cent of working British adults financially support a mother who is dependent on them, while three per cent have a father who depends on them.

Related Articles