Financial priorities change due to recession

30/06/2009

Some stubborn consumers are doing all they can to not make lifestyle cutbacks, despite the costs of the recession.

The new Look After What You Love Index, from insurer Liverpool Victoria, showed that "sustaining a comfortable lifestyle" was the single biggest financial priority among Britons and just 33 per cent of UK adults were found to have a savings account to give them a "safety net" against financial hardship.

This comes at a time when the UK is facing its worst recession in decades, with unemployment rising to a 12-year high of 7.2 per cent and leading more and more people to face sudden drops in income.

Elsewhere, two in three of those polled by Liverpool Victoria said that they had recently reassessed their life priorities due to the recession.
This group are more likely to put spending "quality time" with family and friends and their own personal health towards the top of their own personal priorities list.

Mike Rogers, group chief executive of the insurer, said: "It is important for people to take stock of their financial situation.

"Everyone can take some financial steps, however small, towards protecting the things they love most in life."

Earlier this year, a report from the Charities Aid Foundation suggested that four in five Britons were reconsidering their own personal finances as a direct result of the recession.

Tags; Income Worries and Debt, Young Family Finances,

Regional Debt Advice; Debt Advice Liverpool,

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