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A fifth suffer surprise income dip

Friday August 9th 2013

A fifth of Britons have suffered a surprise dip in their income over the last three years, according to new statistics.

Of these, 40% of them have lost their job because of redundancy or sickness, said a poll of 5,000 people from the Money Advice Service. The latest figures underline the value of an Income Protection plan to people already in work to help their peace of mind.

Overall, a seventh of people in the UK are earning less as a consequence of alterations to their working hours. Other causes for adults seeing a fall in income include splitting from their partner, giving birth and needing to repay debts.

Of adults who have seen their incomings drop, more than two in three have countered by reducing their spending, and 30% have fallen back on breaking into their savings. Over one in four have sold personal items to generate money, and a seventh have borrowed cash from family or friends.

Caroline Rookes, chief executive of the Money Advice Service said: "This report reveals just how difficult it is at the moment for so many of us, but also highlights ways we are adapting to manage financially."

Copyright Press Association 2013

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