Almost four million Britons have less than six months worth of emergency financial provisions, according to new research.
The study also notes that a third of Britons (31%) do not have any form of emergency financial provisions or ‘financial safety net' in place at all.
Scottish Provident's Financial Safety Net report suggests that these people would have to drastically cut back their living costs should they or the main breadwinner be diagnosed with a serious illness, disability or die.
It adds that one in ten (10%) could even be forced to sell their house, while, worryingly, almost a quarter of Britons (23%) simply state they don't know what they would do if they suddenly had to maintain their current standard of living without the main source of income.
Just under one fifth of Britons (17%) would rely on their savings to maintain their current standard of living should an emergency happen, but those who would rely solely on credit cards only expect to be able to fund their current standard of living for five months, in addition to finding themselves in a state of rising personal debt.
Susan Barclay, head of marketing at Scottish Provident warns that urgent action is needed, as well as a more realistic understanding about how you will survive should the main breadwinner become unable to work.
"It can be confusing to know even where to start when you take-stock about what you and your family will need should an unplanned emergency happen - especially as these are events which the majority of us hope we will never have to experience.
"We are urging everyone to start taking action now and building their own personal financial safety net.
"Having this in place will give peace of mind that you and your family will be properly cared for and your standard of living will be maintained should you or a loved one become seriously ill, disabled or even die," she added.
