A third of people in the UK do not have payment protection insurance (PPI), an expert has revealed.Susan Barclay, head of marketing at Scottish Provident, claims that far too few adults in Britain have adequate financial provisions to maintain their current standards of living.She said: "Britons without any emergency savings who would rely solely on credit cards in a time of financial emergency would only be able to maintain their current standard of living for just five months."It's clear that more awareness is needed among consumers on the importance of having protection insurance - the ultimate financial safety net - in place."Her comments follow the fourth annual Post Office Consumer Credit Report, which was released on January 31st.It revealed that 11.5 million people turned to their credit cards for daily purchases in the fist month of 2011.Findings showed that 43 per cent of people used their cards for grocery shopping.John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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