You are here: Home - Insurance - News -

Protection ploughs as people feel pinch

Written by:

Almost half the population plans to cut corners on financial products as their incomes are squeezed by the rising cost of living.

According to a survey by American Express Financial Services, 24% will stop buying travel insurance, 44% plan to stop paying into family savings accounts and 21% will stop putting money into Child Trust Funds.
In a uniquely British way, the survey reveals that Brits put their pets before their partners, with 27% planning to stop their health insurance payments, but only 17% expecting to axe their pet insurance premiums.
30% are also intent on stopping their income protection insurance payments. And a worrying 5% say they will stop paying their buildings and motor insurance – both of which are legal requirements
Chris Rolland, Head of American Express Insurance Services commented:
“Life may be getting more expensive, but it is worrying that 48 per cent of Brits are planning to cut back on the policies that are designed to protect them during hard times. This may well be a false economy as people could end up paying out much more than they bargained for if something should happen.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Brown’s energy plan criticised

The Government has pledged to help households save more than £300 per year on their energy bills, but an industry...