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The YouGov plc survey, commissioned by Paymentshield, highlighted that, despite the recession, people are still overestimating their job security and have no plan B should they end up unemployed due to illness or redundancies.

Commenting, Neil Galjaard, insurance director at Paymentshield, said: "Our survey has presented some surprising statistics but this one, showing a major lack of caution, has got to be one of the more worrying ones.

"Individuals appear to be unprepared for their future and have no sensible plan in place to react to events that are out of their control. The results also revealed that a quarter of the respondents said they would not last longer than a month on their current savings. Again, showing complete lack of forward planning."

The survey, carried out in January of this year, also found that 63% of respondents thought they could either not afford income insurance, could not see the value in it or have never even considered it.