• In July 2023 almost a third (30%) of adults could not meet an unexpected expense of £850 – up from 27% in November 20211 

• Only 54% of those aged under 45 could cope with their household income being halved for a 3-month period, and 62% of those aged 45-642 

• Amongst renters, the numbers able to cope with this temporary income reduction are lower at just 38% and 41% respectively2 

• Most employees (73%) with a steady job see notable fluctuations in their monthly pay. The average variation was found to exceed the average household spend on groceries3. 

• And traditional forms of support are in decline 28% of employers pay sick pay greater than the minimum statutory sick pay (SSP) of £116.75 a week4 

• The SSP rate represents just 17% of average earnings (as at May 2024). 

• The number of people unable to work due to sickness – This reaching a record high of 2.8 million December 2023 – February 20245 The economic growth that the Government is seeking and that underpins both its ambition and key missions can only be achieved if it draws on the skills, energy, and ambition of all citizens, including the millions who are financially excluded or at risk of becoming so.