£14,000 of debt considered "normal" However consumer attitudes to personal debt are changing. This annual "financial safety net" report shows that there is an increased awareness about the difficulty of servicing such debt, should personal circumstances change. The report, by the insurance company Bright Grey, found that 12 months ago people were more "debt tolerant" and did not consider themselves in serious financial difficulty until they owed almost £16,000. The survey also found that people were becoming increasingly concerned about rising unemployment. Two in five (40pc) said that factor most likely to affect their standard of living would be losing their job. The next biggest threat to living standards was serious illness - cited by 39pc of respondents. Surprisingly people said rising inflation would have a more drastic affect on their living standards than rising interest rates. Roger Edwards, proposition director at Bright Grey: "Over the past 12 months, Britons are sitting up and taking greater notice of the wider economic environment. People are more wary about getting themselves into serious levels of personal debt, but over £14,000 is still clearly a cause for concern. As a result, Britons need to keep control of their finances and have contingency plans in place to be able to continue to pay for their essential monthly outgoings. But despite increased concerns about maintaining living standards, most consumers take not steps to protect their income, via various insurance products. While life insurance remains commonplace, few people have either income protection or a critical illness plan in place. The former protects a proportion of your income if you are made redundant or are signed off work sick, while the later provides a lump-sum payment - usually to pay off a mortgage - if you are diagnosed with a serious life-threatening illness, such as cancer or heart disease. The main reason cited for not having a protection product was the cost; 46% of people suggested that protection products were too expensive compared to 39pc last year. One in five people (19pc) said the products were unnecessary as they could rely on savings, while over one in ten (11pc) said they would prefer to spend the money on other things. Mr Edwards added: "People are becoming increasingly aware of the impact of high debt yet are still failing take out adequate protection. Britons need to make financial provisions for their future and not live under the hope that state benefits or bail outs from family and friends will allow them to maintain their standard of living. Protection products are cheaper than ever and it is crucial that people recognise the significance of putting an appropriate financial safety net in place.