48% of UK consumers wouldn’t last longer than three months on their savings if their income suddenly stopped, according to a survey for Paymentshield.

The protection provider says the finding show a need to people implement a financial contingency plan to cover the basic monthly outgoings.

According to the YouGov survey, Britons said they would need on average £875 per month to cover outgoings. However, the weekly job seeker’s allowance for over 25s is £67.60, highlighting a £605 shortfall in cash each month.

Neil Galjaard, insurance director at Paymentshield, said: “The survey highlights a worrying trend of UK consumers disregarding their financial future. In today’s climate