You are here: Home - Uncategorized -

Britons face £165 shortfall each month

Written by:

Increasing numbers of Britons are sacrificing essentials such as home insurance in an attempt to stay financially afloat, research has found.

A joint report by The Co-operative Insurance and Shelter found that 28% of Britons are struggling with outgoings, including rent, mortgage payments, living costs and fuel bills, leaving them with an average shortfall of £165 a month.

The report revealed that, as housing and living costs continue to increase, people are increasingly taking risks, such as forgoing essentials like home home insurance, in order to stay afloat.

According to the findings, 22% of the population don’t think having home contents insurance is important, although nearly 80% of people say they would be unable to afford to replace expensive items without it.

The research also showed that one in ten consumers admit that they undervalued their home contents to keep insurance premiums down. Lee Mooney, head of home insurance at The Co-operative Insurance, said that the research unveiled the extent at which Britons are feeling the pinch.

He said: “”Although times are tight and the vast majority of people don’t have spare cash, it is important that people prioritise what they need above what they want in the year ahead.”

“It’s worrying to see that such a high proportion of people don’t think having home insurance is important, as without it they could be left open to serious risk and further unaffordable expenditure in the long run,” he added.

Related Posts


Tag Box

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
Interest rates to hit 2.75% by 2012, says CBI

Private sector employer trade body, the Confederation of British Industry expects inflation to stay “stubbornly high” this year, partly due...