LV=’s Dependency Index showed 29% of Brits with financial dependents never expect to become financially dependent-free and those who do expect to wait until they are 51 years old on average.
A further 4.5m of them expect to have other people dependent on their income until they are at least 65.
The research also reveals 2.5m UK adults are supporting four or more people, including themselves, as the only salaried earner in their home.
Mark Jones, LV= head of protection, said: “Lots of us are supporting people financially often in a stage of life when we would normally expect the level of financial support we give to be decreasing.
“With the pressure of others relying on one person’s salary it’s important people are prepared if there is a change in their financial circumstances.”
Jones warned that cancelling any life cover or income protection already in force is a short term answer to financial strain which could have much greater financial consequences in the future.
“When it comes to safe-guarding the family finances 50% of couples don’t have any life cover or income protection in place,” added Jones.
“Just four in ten have life cover and only 11% have both life cover and income protection.”
