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Brits need a financial safety net to help prevent debt problems

Brits need a financial safety net to help prevent debt problems

- Monday, 29 November 2010


Brits need to have a financial safety net, which could help prevent debt problems, as it is too risky to rely on the government for support, suggests an expert.

Mark Bower, managing director of moneymaxim.co.uk, made this suggestion as people could be faced with unemployment.

He said: "With the government planning to reduce their financial expenditure, it's becoming more and more important that we all start to think about all eventualities from a critical illness to long-term care in retirement more carefully.

"Whereas once people could perhaps have relied on the state, that is becoming a more and more risky strategy."

If someone loses their job or becomes too ill to work then cover could be crucial to help prevent debt problems.

Those living with debt problems concerned about the cost of life insurance or critical illness cover may be reassured to know that the price of cover has fallen, he added.

Mr Bower made these comments after Scottish Provident revealed in its Financial Safety Net report that six in ten Brits are without any form of protection in terms of life insurance or critical illness cover.
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