Legal & General comments on ONS figures

by Richard Kilner

Story link: Legal & General comments on ONS figures

The large jump in uemployment in a single month is concerning, John Pollock, Group Board Director for Legal & General’s Risk businesses, said in response to the latest ONS figures on unemployment.

Pollock referred to the latest Legal & General MoneyMood survey, which found that 12m Britons were struggling to make ends meet.

According to the survey over half (57%) were dipping into their savings and almost half (45%) were worried about being able to pay bills.

However, almost a third (32%) are prudently putting money aside should it be needed in the future, but Pollock warned that most people would still quickly fall into financial distress if they lost their job or were unable to work.

He recommended savings equivalent to roughly three months’ of outgoings and expenses, but recognised that in the present financial climate it is difficult for families to save as much as they might like to.