A third of Brits have no money saved at all

A new survey reveals that many Brits could find themselves in trouble if they lose their jobs, as a third of people don't have any money saved at all.

According to thisismoney.co.uk, the study, which was conducted by Legal & General, also reveals that the average working family would only survive 11 days before depending on others for financial help if they lost their jobs.

However, this length increases to 26 days if over-65s are included, presumably because they're more likely to have money stored away in case they lose their other sources of income. Six months ago, the average time a family could cope without regular income was just 18 days, showing that there are signs of improvement.

Moreover, the average household isn't aware of how far away they are from the breadline, as Brits actually estimated they could survive for 72 days on just their savings alone, reports yourmoney.com.

John Pollock from Legal & General said although the improvements in the economy are encouraging, many families are still in a worrying financial situation.

“The employment market has strengthened, especially for over-65s as many are delaying retirement,” he explained. “However, earnings are still struggling to keep up with the cost of living, which is keeping many families under a lot of financial pressure.”