Employees think savings would last just a month

The average employee believes their savings would last them just one month if their income stopped, a survey has found.

Based on their lifestyle, people typically estimated their savings would stretch for 32 days if they lost their source of income, according to the poll of 2,000 UK employees.

But more than a quarter (26 per cent) of employees said that their current savings would last just one week or less, insurer Legal and General found.

More than one in five (22 per cent) of people surveyed have less than £500 in savings.

Nearly a quarter (23 per cent) of people surveyed said they did not save any of their income each month.

The poll found that employees in Scotland believe their savings would last for 31 days on average.