The results from Scottish Provident’s Financial Safety Net Report showed that 58% of the population has no form of protection and 31% would need to considerably reduce their spending if they had no income for a prolonged period.

Perhaps more worryingly, 35% of the nation has life cover, but the levels of other protection products are drastically lower.

Only 13% have critical illness cover, 9% have income protection and 5% own unemployment benefit.

The provider believes wide-spread misunderstanding of the products available and their relative cost remains a problem as 39% of the 2044 respondents claim the number one reason for not having any cover was due to it being too expensive.

This figure rose to 47% of those with dependents, while 17% of people didn’t know why they don’t have any protection in place.

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In response to the findings Scottish Provident is launching a campaign to encourage consumers to take action, seek independent financial advice and create their own ‘financial safety net’.

Susan Barclay, head of marketing at Scottish Provident, said: “With the majority of Britons without any form of protection in place, many are taking a substantial risk with their own and their family’s livelihoods.

“Therefore, we are launching the Financial Safety Net campaign in order to encourage more people – especially those with dependents – to take action and put their own ‘financial safety net’ in place.

“The campaign is aimed at encouraging consumers to assess their personal situation and put emergency savings in place, but also for them to go and visit an IFA to ensure they will be able to maintain their standard of living should the main breadwinner be unable to work,” she added.

Advisers can sign up to the campaign online.