Britons' scarce savings increases reliance on jobs

People struggling with spiralling levels of personal debt could benefit from a new fund set up by the Department of Trade and Industry (DTI).

Britons are increasingly reliant on the money generated by their jobs, as opposed to security in savings or pensions, according to a new survey.

Almost six in ten British workers say they could not survive financially were they to lose their job through an accident, illness or dismissal.

Indeed of the 56 per cent who say they could not manage, the majority (61 per cent) say they would be forced to find an extra £1,000 to supplement their savings.

Alliance & Leicester product manager Sarah Ennion said the survey underlined the need for workers to look ahead financially.

"When you work it can be easy to take your monthly income for granted. However, if you become ill, suffer an accident or are made redundant then you may be unable to earn an income. It is therefore important to consider what measures you can put in place to ensure you can continue to meet your financial commitments and maintain a reasonable standard of living," she explained.

A sizeable number of working Britons - 21 per cent ? have no insurance and hardly any savings.