Four in ten families 'one paycheque away' from losing homes

Just one paycheque worth of savings stands in the way of four in ten families (44 per cent) losing their homes if made redundant, according to new research.

Cited by bbc.co.uk, a survey of 7,500 working adults indicates that a huge proportion of families would have just one month to get enough money together to keep their accommodation after becoming unemployed.

A further 29 per cent would be plunged into even deeper trouble if ever they lost their jobs, being immediately unable to afford their mortgage or rent, with this proving just how close some families are to a financial collapse.

The study comes courtesy of housing charity Shelter, which is demanding the government provide better short-term financial support for families with children under the age of 18.

Liz Clare, a helpline adviser at Shelter, says that families are putting themselves at risk by failing to save up enough money to aid them in the event of bad luck. However, Ms Clare believes addressing this issue is easier said than done.

“Sky-high housing costs and stagnating wages mean that saving is becoming a thing of the past for many people.” she told scotsman.com.

“Most of us simply don't have enough money in the bank that we can rely on for long enough to get back on our feet.”

The Department for Work and Pensions (DWP) currently spends