One of the better known stereotypes (often wrongly) attributed to people from the South West of the UK is their unwillingness to part with their cash. While many people in the county will feel they’re left with little choice but to tighten the purse strings in this austere economic climate, it seems that just about every other region in the UK may react in the same way, according to a survey undertaken by LifeInsurance.org.uk, a popular life insurance website.
Less Spending in Salisbury
One of the major findings of the survey was that people in the South West were more likely to cut back on luxuries such as eating out than anything else. 73% said they would do that first to reduce their spending if needed.
By contrast, just 13% said they would downsize their house first, which in a way makes sense in the short term. In all regions surveyed, only people in London were less willing to reducing or cutting holidays, with just over 50% saying they would do it.
76% cited banks as being the main reason behind the economic downturn, and only 12% agreed that previous generations were at fault.
When asked how important they would rate life insurance, 17% cited it as the most important type of insurance. Home insurance seized 12% of the vote.
39% of those surveyed admitted that they did not have life insurance. The reason? According to nearly 60% of citizens, it’s too expensive. 10% also admitted to not being able to understand the tricky small print and terms.
As for other forms of insurance, people in the South West prioritised gadget cover less than anything else, which is typical for every other part of the UK in the survey bar London. Pensions were prioritised higher than anything else on a scale of 1-10, with nearly 24% of West Country residents saying they would take that out first.
It looks like it would make for uncomfortable reading, however the good news that comes out of Life Insurance’s survey is that people in the West Country at least have their priorities straight. According to the data, people in London are more likely to prioritise gadget insurance than funeral cover, so at least the West Countries have a bit more foresight.