Scottish Widows claims that 44 per cent of households require two salaries to keep an acceptable standard of living up, yet a quarter of homes have no savings for emergencies to repay debt.
“The majority of the population is walking a financial high wire without a safety net,” said Nick Kirwan, Scottish Widows’ protection market director.
Around 57 per cent of income goes on essentials, yet a significant proportion lacks insurance, savings, planning or other means of guarding against the effects a loss of earning would have.
Mr Kirwan urged people to look at a debt management plan to ensure that they are covered for the unexpected.
“If people don’t start to take responsibility for their own financial futures then they could be left in a position where they can’t even cover the essential expenditure in their lives,” he stated.