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Brits planning to cut costs on insurance

September 18, 2008

Brits planning to cut costs on insurance

Britons are planning to save themselves money by cutting costs on things such as travel insurance, new research suggests.

American Express Insurance Services says that the rising cost of living means that people are starting to look for other ways to save money.

It conducted a survey of over 2,000 adults and asked them if they would cut costs by sacrificing payments towards financial services.

Nearly half said they would stop putting money into family savings plans and 24 per cent said they would not bother with travel insurance when going on holiday.

Chris Rolland, head of American Express Insurance Services, thinks it is "worrying" that Brits are willing to cut back on policies that are "designed to protect them during hard times".

"This may well be a false economy as people could end up paying out much more than they bargained for if something should happen," he added.

A survey conducted by the Bank of England recently revealed that 54 per cent of people questioned thought that interest rates would continue to rise in the UK over the next 12 months.

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This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

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