Thursday, September 24, 2009
Category:
Secured Loans
According to new research conducted by Abbey General Insurance, since the onset of the recession there has been a 9 percent reduction in the amount of money spent on wedding gifts for close family members.
Findings reveal that the average outlay now stands at £64.79 as opposed to the £70.43 that was being spent two months prior to the beginning of the credit crunch in June 2007.
At £46.72, those between 18 and 24 years of age were found to spend the least on wedding presents for close family members. In contrast, those over the age of 65 were found to spend the most at £89.10.
Despite the fall in wedding gift expenditure for close family members, spending has remained stable where friends are concerned. The average sum stands at £34 per gift, with those between the ages of 25 and 34 parting with the most at £35.92.
Abbey General Insurance’s research also shed light on the average sum that is spent on wedding gifts for acquaintances and distant family members. At £22.99, the value marks a 1 percent fall from 2007 when £23.13 was spent. Those between 18 and 24 years of age were found to spend the lowest sum at £20.26, whereas those aged 65 and over were found to spend the greatest sum at £25.79.
Head of Abbey General Insurance, Tony Beckwith, commented: "It's not surprising that in today's difficult economic environment, ‘gift thrift' is setting in but what's interesting is that Britons are reducing the amount they spend on wedding presents for close family members but not friends. While newlyweds might be receiving less expensive presents as a result of the credit crunch, most are lucky enough to still be starting their married life in comfort thanks to the generosity of wedding guests and the help of ever more comprehensive wedding lists.
"In all the excitement of planning for a wedding and honeymoon, it can be easy to overlook the importance of ensuring that your home insurance policy covers your wedding presents, the value of which can very quickly add up. Many home insurance policies don't offer a temporary increase on the value of home contents insured after a wedding and among those that do, many offer extra protection for just one month. However, Abbey's Peace of Mind home insurance lets you insure your contents for an unlimited total amount and allows any new items to be automatically added to your policy, removing the hassle for newlyweds of ensuring that all their wedding presents are insured."
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Recently married homeowners who are keen to refurbish their home ready for their new lives together could consider taking out a
home improvement loan to fund any desired work. One of many finance options available, a home improvement loan could allow the borrower to create their dream property. A range of projects could be commenced, for example, extra living space could be created by means of an extension, conservatory or attic conversion. Additionally, a brand new kitchen or bathroom could be fitted.
