New research from the Money Advice Service has revealed that 65% of people in the UK are unprotected if they find themselves subjected to a worst-case scenario, or “financial shock”.
Now, we’re a pretty optimistic bunch in Britain (or at least we try to be) however it pays in the long term to think about what might happen if the worst should occur. Things like an unexpected mechanic bill, or having an extended amount of time off work could leave up to two thirds of us in a sticky situation.
Andy Webb, a money expert at the Money Advice Service, has given us his top tips for making sure when the worst occurs, you’re able to carry on as best you can.
“We never know what is just around the corner but it is important for consumers have all the information they need to plan ahead for how they would cope financially should the worst happen.
Creating a rainy day fund is a good first step to safeguard both yourself and your family. We would also urge people to consider whether insurance might be an option within their planning and budgeting”
To find out how you can protect yourself from these worst-case scenarios, check out the interactive guide below.