UK Wedding News
14/08/2015
The Family Finances Report by Aviva, found that the typical family home in Britain is a three-bedroom semi-detached house with one bathroom. It was built in the 1930s and is owned with a mortgage. Furthermore, the mortgage is likely to be in the name of David and Susan – found to be the most common names in British families – while the family car, a Ford Focus, is likely to be parked on the driveway. Elsewhere, the report said there are an average of 2.7 people living in the family home.
Some 28% of respondents said they are emotionally attached to their home, with a further 55% wanting to make improvements to their property. The most common home improvement was said to be a new kitchen.
When it comes to possessions within the home, under-25s are believed to have £18,834 worth of items covered by their contents insurance; but by they reach the age of 45, this has jumped to £39,167. On average, a family has household contents worth £35,486.
However, despite this, the report revealed that 31% of families have no contents insurance. This equates to more than 3.9 million households in England alone. Others were found not to have adequate insurance in place in the event of a loss of income. 35% of families did have life insurance in place, but just 11% have critical illness cover and only 8% have income protection.
Commenting on the statistics, Louise Colley, Managing Director, Protection at Aviva, said: "Whether it's the average 1930s semi, or something else entirely, Aviva's research confirms that British families have an emotional attachment to their homes. They also own over £30,000 worth of belongings, with the value accumulating over their lifetime.
"However, a significant proportion are failing to keep not just their homes and valued possessions protected, but also themselves. Not having appropriate insurance leaves families at risk of falling into debt – or worse, losing their homes – should the main breadwinner become unable to work.
"We'd urge every family to check their financial foundations to assure themselves they are secure and protected against all eventualities."
(JP)
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Survey Reveals 'Average' UK Family
A typical family in Britain today lives in a semi-detached home built in the 1930s, and named The Cottage, according to new research.The Family Finances Report by Aviva, found that the typical family home in Britain is a three-bedroom semi-detached house with one bathroom. It was built in the 1930s and is owned with a mortgage. Furthermore, the mortgage is likely to be in the name of David and Susan – found to be the most common names in British families – while the family car, a Ford Focus, is likely to be parked on the driveway. Elsewhere, the report said there are an average of 2.7 people living in the family home.
Some 28% of respondents said they are emotionally attached to their home, with a further 55% wanting to make improvements to their property. The most common home improvement was said to be a new kitchen.
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When it comes to possessions within the home, under-25s are believed to have £18,834 worth of items covered by their contents insurance; but by they reach the age of 45, this has jumped to £39,167. On average, a family has household contents worth £35,486.
However, despite this, the report revealed that 31% of families have no contents insurance. This equates to more than 3.9 million households in England alone. Others were found not to have adequate insurance in place in the event of a loss of income. 35% of families did have life insurance in place, but just 11% have critical illness cover and only 8% have income protection.
Commenting on the statistics, Louise Colley, Managing Director, Protection at Aviva, said: "Whether it's the average 1930s semi, or something else entirely, Aviva's research confirms that British families have an emotional attachment to their homes. They also own over £30,000 worth of belongings, with the value accumulating over their lifetime.
"However, a significant proportion are failing to keep not just their homes and valued possessions protected, but also themselves. Not having appropriate insurance leaves families at risk of falling into debt – or worse, losing their homes – should the main breadwinner become unable to work.
"We'd urge every family to check their financial foundations to assure themselves they are secure and protected against all eventualities."
(JP)
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