UK Consumers: Credit Crunch is a Conspiracy
Writes Dan Drage dan.drage@consumerchoices.co.uk
British consumers believe the credit crunch is a term created by the media.
According to new research from life insurer Zurich, less than a third of consumers have reviewed their finances in light of the credit crunch and a fifth of people claim it’s a term created by the media.
Despite the housing market downturn, the difficulties of obtaining credit and the rising cost of living, 36% of those surveyed believe the credit crunch will not affect them at all.
The best investments are considered to be properties according to over 50% of respondents, but a divide exists between married couples and singletons in terms of where their priorities lay.
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"Regardless of whether the credit crunch is a myth or not, it’s still beneficial to keep your finances as much in order as you possibly can"
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Married respondents believe owning a home to be a top priority, with regular holidays banished to the bottom of the list. Singletons, on the other hand, are more concerned with living debt free and taking regular holidays, while obtaining life insurance is put on the back burner.
Similarly, a gender divide exists, with 48% of women adamant savings are the highest priority in this period of financial uncertainty, compared to 38% of men. Men score a higher percentage than women for saving in a pension plan.
Tony Solomon, Business Development Director at Zurich UK Life, had the following to say:
“It is worrying to find that less than a third of people have reviewed their finances in light of the credit crunch. With the credit crunch bringing spiraling living costs, from fuel to food to interest rates, families are seeing their budgets stretched to the limit”
He continues:
“It is crucial for people to do something positive such as seeking advice and reviewing their finances to ensure their money is working as hard as possible to meet their future needs.”
Chris Eagle, Commercial Manager at Credit Choices, can see both sides:
“Regardless of whether the credit crunch is a myth or not, it’s still beneficial to keep your finances as much in order as you possibly can. For those of you looking for a durable fixed rate savings account with which to ride out these turbulent financial conditions, takes a look at the Icesave’s (www.icesave.co.uk) 7.01% paying account.”
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