Yuppies spending cash on collectables
March 9, 2007 by admin
Filed under News, News-Insurance
Today’s young professionals are choosing to invest their money in collectables rather than splashing out on flashy items.
That is according to research by Zurich Insurance which has found fewer people are spending money on expensive cars and champagne.
Its study found that the majority of us prefer to spend our cash on items such as books, comics, paintings, vinyl records and football programmes.
One in six collectors are said to do so purely for financial gain, waiting a few years before seeing their item increase in value.
The average collector has spent around £2,000 on their classic stash in the last five years, with men being the most likely to invest.
“It seems that old valuables are the new investments for modern professionals these days,” said Martin Hall from Zurich.
“Our research shows they’re more interested in and profiting more from antiques and collectibles than any other generation before them.”
Zurich has, however, highlighted that very few people (60 per cent) have taken the time to get their collectables insured, meaning a financial and personal disaster could be just around the corner.
