Almost a quarter of people 'cutting back' on insurance
Personal insurance
12th November 2008
A significant number of people in the UK are putting themselves at financial risk by cutting back on essential insurance cover, a new survey suggests.
Research by fairinvestment.co.uk found that nearly a quarter (24 per cent) of respondents admitted to not having cover such as home insurance or payment protection insurance.
Fairinvestment.co.uk spokesperson Rachael Stiles said that while it was good that most people were taking out insurance, the fact that almost a quarter of people do without is concerning.
"The younger generation should be more aware of the benefits of insurance," she said, adding: "Money is especially tight when you are young and possibly a student, but it will be even tighter if you are forced to replace stolen or damaged items such as computers out of your own pocket."
The news comes as the government launches an insurance industry working group to look at the sector, reports Insurance Daily.
