66% of IFAs believe their clients who do not currently have protection products in place would most likely turn to emergency savings in order to fund their living should they become unemployed or have a critical illness, according to Scottish Provident’s Financial Safety Net report.

Meanwhile, 52% of IFAs believe clients without protection would have to rely on benefits offered by the state, such as unemployment benefits. 50% said that people would turn to racking up debt through credit cards and loans.

48% of IFAs believe their clients without protection would rely on their family and friends should they lose their main source of income. 47% of IFAs suggested their clients would cancel luxury items, such as gym memberships. Just 42% said people would have everyday savings that could help fund their living costs.

However, 95% of IFAs believe their clients feel more secure when they have protection products in place. Furthermore, 89% of IFAs added that their clients felt happier when they have protection, due to the financial reassurance that it brings.

Susan Barclay, head of marketing, Scottish Provident, said: “The financial downturn and rising inflation figures means that for many