Recent figures have suggested that many people in the UK could be left without any cash in under a month if they were made redundant, according to a new study.

Research conducted by the life insurance provider, Axa Life found that nearly half of the UK's population do not have any type of protection cover, such as income protection or critical illness cover.

In addition, just a third of people in the UK have a plan in place to take care of their mortgages if they are unable to make payments.

Around half of all adults have under £1,000 in savings accounts, while three-quarters save less than £100 each month. With the average household expenditure standing at roughly £450, many could be left without any safety net if they were to lose their job.

The latest estimate from the British Chambers of Commerce has suggested that unemployment is set to reach 3.2 million in the UK.

Axa’s head of protection Iain Mallon said: "Financial provision is generally seen as rather dull and low priority. But every year thousands of families are financially affected by the loss of income from a breadwinner. In the current economic climate this is only going to get worse."

He added: "This is a serious issue for the UK public and one that needs to be addressed if people are going to be properly protected."