Cash-strapped Leeds families are facing a one-month ‘deadline to the breadline’.
A newly published report by Legal & General reveals that within 30 days of losing their usual sources of income, the average Yorkshire family would be reliant on state benefits and friends and family alone for financial support, once their savings run out.
The d-day has actually increased by 23 days in the past nine months – from seven to 30 days - as some savvy householders start to put away what little they can for rainy days.
However many families remain in a “precarious situation” were they to lose their usual sources of income, with 31 per cent having no back-up plan.
John Pollock, chief executive of Legal & General Assurance Society Limited, said: “The typical Yorkshire household’s savings will still only last a matter of weeks before they are totally reliant upon friends and family and the state for support.
“What’s more, the deadline is actually much shorter than households’ more optimistic expectations for how long their savings could last.
“Even more worryingly, some 31 per cent of households in Yorkshire have no plans in place to deal with an unforeseen loss of income.”
The study found that the average UK household is 26 days from the breadline – but those of a working age (18 to 64 years old) have a deadline of just 11 days. A third of Britons still have no savings.
Mr Pollock added: “Even though conditions are beginning to pick up in the Yorkshire region, economic output remains some way off its pre-financial crisis peak. It should therefore come as a serious reality check to think that most households in the area are in such a precarious situation when it comes to their finances.”