Wednesday 26th January 2011
Recent research released by The Co-Operative Insurance and the charity Shelter has revealed that 28 per cent of UK residents are struggling to earn enough money to meet their monthly outgoings.
The report shows that the increasing costs of rent, mortgage payments, bills and living expenses are leaving many with an average shortfall of £165 each month. Over 70 per cent are worried about their cash-flow.As living costs continue to increase, many households are sacrificing essentials such as housing insurance to keep their finances in the black. One in ten consumers admitted undervaluing their possessions to keep the cost of their home insurance premiums as low as possible, even though nearly 80 per cent admitted that they would be unable to replace lost or stolen items without it.Lee Mooney, head of home insurance at The Co-operative Insurance, 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.Campbell Robb, Shelter’s Chief Executive said: “Every day Shelter’s advice services are helping increasing numbers of people who are finding it difficult to manage their finances and keep a roof over their head.“The support Co-operative Insurance provides through our partnership is vital in making sure we reach as many people in need as possible and we are extremely grateful for their help.”Manchester debt firm is liquidated owing creditors over £2.2m
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