Brits cut back on savings and insurance during economic downturn
Thu, 18 Sep 2008
With the current economic slowdown set to turn into a recession, American Express has revealed that Brits are cutting back on essential financial products in an effort to cut corners and save money .

The research found that as the cost of living exceeds this year's salary rises, people will be leaving themselves more financially exposed than ever before. More than 2,000 people were surveyed and 48 per cent said that they intended to make financial cutbacks of some kind. Family savings accounts were the first to be dismissed and ID theft protection was also an area that many were happy to cut back on.

Areas like travel insurance, health insurance are also being rolled back and despite a rise in unemployment, payment protection insurance has also taken a blow.

Chris Rolland, head of American Express insurance services, said: "It is worrying that 48 per cent of Brits are planning to cut back on policies that are designed to protect them during hard times."
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