Brits ‘worth more than they think’

Most Britons have possessions in their home worth considerably more than they realise, a study claims.

The average 40-year-old thinks their possessions are worth about £29,000 but in actual fact the true value of their possessions is over £40,000, according to the research from More Th>n insurance.

It is 46-year-olds who were found to have the highest value possessions in their homes of any age group, with an average figure of £40,919.

More Th>n product director Dowshan Humzah suggested the findings add weight to the old adage that life begins at 40 but expressed concern at how little thought people seem to be giving to the total value of their possessions.

“Brits work hard enough to buy things but by not keeping track of what they own, they run the risk of being under-insured.”

Meanwhile, research from Sainsbury’s Bank has suggested that British consumers are to spend £7.89 billion in the summer sales this year.

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Consumer spending on cars set to decrease

The number of consumers expected to buy a car over the next six months is set to drop according to new statistics.

Findings from Sainsbury’s Bank show that 6.86 million people plan to purchase a vehicle between March and August 2008, almost one million less people than in the preceding six month period.

The research showed that £47.5 billion will be spent on purchasing cars over the next half year, a figure which represents a £11.1 billion decrease on the previous September 2007 to February 2008 findings.

Steven Baillie, head of loans with Sainsbury’s Finance, said: “Our findings would indicate that both the number of people who are looking to buy a car over the next six months and the total amount expected to be spent on car purchases are at their lowest levels since March 2005.”

The figures also show that up to 30 per cent of people who intend to buy a vehicle over the next six months finance at least some of their purchase with a loan.

Meanwhile, research from Sainsburys shows that over £1 billion worth of loans will be used to finance weddings during 2008.

Tags: Sainsbury, figure, head of loans with Finance, Sainsbury's Bank, period, looking to buy a car, purchase

Bank highlights major UK protection deficit

There is a £2.3 trillion protection gap in Britain, Sainsbury’s Bank said yesterday.

According to the high street bank, many people do not take out life cover with their mortgages and this is largely contributing to the deficit.

Clare Moyles, a spokesperson for the bank, said: “Anybody aged 18 plus with a family really needs to be thinking about protecting their family and protecting their mortgage.”

She added that it was not a priority on many people’s “agenda”.

The Association of British Insurers recently found that one in every three Brits is without life insurance and the same figure are uninsured through not renewing life cover for five years.

Furthermore, it revealed that between 2005 and 2006 people paid £41,168 million on life insurance premiums and £45,469 million on life insurance benefits.

Sainsbury’s Bank recently advised young people to shop around beyond their mortgage lender for a better deal on life insurance to avoid losing out on significant savings.

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Brits ‘don’t haggle’ over new cars

British car buyers are wasting money on their personal loans by not haggling over the price of the car they are buying, according to a new report.

Research by Sainsbury’s Bank suggests that up to 386,000 people will not haggle on the price of their brand new car between March and August this year, despite allegedly being able to save up to £1,500.

The bank, which claims that around 16 per cent of people looking to buy a new car will use a personal loan as their main source of finance, has found that this overspend could add up to £611 million nationwide.

Steven Baillie, loans manager at Sainsbury’s Bank, said: “Once you have decided which new car you want, you then need to be prepared to haggle over the price you pay and if you are financing the purchase with a loan, you also need to make sure that you shop around to find the right option for you.”

Drivers are also encouraged to shop around for their personal loan in order to get the cheapest deal, meaning they can save money on the cash they borrow to pay for their new motor.

Tags: brand, Bargaining, Sainsbury's Bank, home, bank, Brits