How long could you last without a job?

If you lost your job would you be able to survive on your savings for more than a month?

Don and Bradstreet a debt collecting agency recently conducted a credit survey and found that many Australians were unprepared for financial hardship associated with redundancies and sackings.

Four out of 10 people surveyed said their savings would only last 30 days if they lost their jobs, while 38 per cent said they would have to use credit cards to cover household bills and other essential expenses.

Christine Christian Dunn & Bradstreet's chief executive said that households earning $30,000 - $60,000 a year and aged between 18 & 49 were struggling the most.

Social researcher David Chalke stated that younger people were either putting their cash into superannuation or houses and you cannot cash either of these two in. Mr. Chalke singled out 18-34 year olds who still live at home or who could always go home if they were to run out of cash.

Ms. Christian felt that people should prepare a budget, change insurance payments so that they were more often and smaller and that they should pay closer attention to their bills.

Here at Rate Detective we suggest to consider Income Protection Insurance which will not help if you lose your job because of redundancy, but it will pay up to 75% of your salary if you lose your job because of an illness or injury. We compare 15 major income protection insurance companies and provide 20% off your first year's insurance premiums. Get free income protection insurance quote now!