John Pollock comments on ONS unemployment figures.
13 July 2011
"Today's announcement is unlikely to be a surprise but although we saw that inflation has eased slightly both still add to the current financial pressures on UK households.
This was reflected in Legal & General's latest MoneyMood survey results. The survey highlighted just what a precarious position UK households are in, struggling to balance their household budgets with the continuing threat of unemployment and ongoing inflationary pressures.
Our research indicated that almost 12 million households are struggling to make ends meet. For the 40% of those surveyed that are in full time work, nearly two fifths of them, 38%, advised that their earnings were covering their bills and debts but without any extra left at the end of each month. An additional 10% stated that their bills and debts were more than they earned and 29% had no savings to fall back on.
51% of those in full time work also said that they were paying off a mortgage, so with household finances so finely balanced, if they should lose their job or find they were unable to work due to illness or injury, their financial position could quickly become extremely difficult without some form of financial support as back up. This is where insurance cover, such as mortgage payment protection, income protection or critical illness cover comes into its own and provides that so important financial cushion.
ith the financial outlook not looking as if it will get any better in the near future we appreciate it is difficult but putting aside some of the precious household budget to protect themselves with insurance cover could be a future financial 'life saver'".
Notes to editors
The information contained in this press release is intended solely for journalists.
Legal & General MoneyMood survey is conducted by TNS Omnibus of a national GB representative sample of around 1000 adults between 17 and 19 June 2011
For more information please contact:
PR Manager, Legal & General Group
t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
t: +44 (0) 1737 375369
m: +44 (0) 7788 926790
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