Worryingly, a huge 36% of UK adults also predict that their personal standard of living will decline either slightly or greatly by 2013, compared to 24% who believe standards will improve.
Scottish Provident found that on average 54% of people believe that owning their own home is important for a reasonable standard of living, ranked fourth after having savings (66%), having broadband or internet access in the house (62%) and owning a car (59%).
However, owning a home was considerably more important for older generations, with 65% of people over 55 citing it as vital to a reasonable standard of living, second after having savings (74%).
The research also revealed that 58% of families do not have any form of protection product in place should the main breadwinner be unable to work due to death, illness or disability.
In these circumstances, families are urged to ensure they build up an adequate financial safety net, to combat unexpected declines in living standards. They can also use low financial protection products such life insurance and mortgage protection to protect themselves.
ITs really sad when we hear that the living standards are dropping, we have to do the bristish way and try to improve as much as we can. Thanks eInsurance group
ReplyDelete