British adults are spending £10,339 a year on average financially supporting their dependents, according to Scottish Provident.
The protection provider’s Financial Safety Net Report calculated that around 15.2 million British adults (31%) currently have people that rely on them financially, costing on average two fifths (39%) of their gross income. This amounts to £10,339 each year for the average earner.
However, only 45% of those financially responsible for others – for their children, their parents, siblings or a partner – have any form of life cover in place. Only 21% have critical illness cover, while only 14% have an income protection product.
Susan Barclay, head of marketing at Scottish Provident, said: “With such a high proportion of an earner’s gross income spent on those that they care for
