Our savings last a month

MILLIONS of workers say their savings would last them just one month if their income stopped, a survey reveals.

People estimated their rainy day money would stretch for only 32 days on average but 26 per cent of employees admit their current savings would last just a week or less, insurer Legal and General found.

Those living in London and south-eastern England say their so-called ‘deadline to the breadline’ time is a mere 31 and 29 days respectively.

Workers in Northern Ireland are the best prepared with 36 days of breathing space, the poll of 2,000 full and part-time workers shows.

More than 22 per cent of people have less than £500 in savings and 23 per cent save none of their income each month.

Richard Kateley, of Legal and General, said: ‘We rent our lifestyles and pay for it each month through earnings. Take away those earnings and it may not just be your house you are thrown out of.’