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New research from insurance company Liverpool Victoria has found that a third of millennials would not be able to survive financially for a month or less if they were to lose their job. The research looks into the financial stability of millennials based on the amount they owe and the amount they have saved currently.
As 55% of millennials have below the recommended level of savings suggested by the Money Advice Service. These figures are sure to be seen as quite worrying as the state of the economy continues to be uncertain. The Money Advice Service recommends having savings which will cover 90 days of outgoings should the worst happen such as being made unexpectedly redundant.
Those who rent or live at home are less financially resilient than those that own their own property in the 25-34 age group. 65% of renters have below the recommended savings level and 45% do not have enough money set aside to last longer than a month.
The biggest obstacle to saving money was student debt with 40% of the 9000 people surveyed mentioning this; credit card bills followed closely after at 32%. Around 21% of millennials surveyed are in their authorised overdraft, twice the national average of 11% whilst 12% said they have a loan from a friend or family member, three times the national average of 4%.
As a result of these figures, the insurer is calling for the government to put in place a Single Financial Guidance Body (SFGB) which would focus solely on increasing financial resilience among consumers across the UK. With only 7% of millennials having income protection insurance, they are appealing for the government’s help to increase the number of those insuring themselves against financial shocks and instabilities.
Head of policy for protection at LV, Justin Harper, said; “We want the government’s new SFGB to have a specific focus on helping build UK financial resilience. It’s vital that more is done to encourage individuals and families to prepare and protect themselves against the consequences of accident, sickness, or disability.”
So what can millennials do to protect themselves against the worst when it comes to their finances?