Friday, August 7, 2009
Category:
Home Improvements
According to the results of a survey conducted by Legal and General, in which over 4,000 Brits were questioned about their approach to managing their household budgets, more women than men are cutting back on expenditure to get through the recession. For example, it was found that 20 percent of women have cut out the cost of trips to the hairdresser compared to 9 percent of men.
Further findings included the fact that 56 percent of women and 41 percent of men are reducing the cost of their weekly shopping bills. In addition, 60 percent of women have reigned in their high street spending, whereas only 47 percent of men have done so.
As well as there being a gender divide in relation to managing household budgets, Legal and General has also noted geographic differences. For example, 47 percent of those living in the North East will reduce expenditure where meals out are concerned, compared to 37 percent of those living in London. In terms of utility bills, it was found that only 16 percent of people living in the South of England will search the market for less expensive deals, compared to 27 percent of South West inhabitants. Finally, it would appear that high streets in the Scottish borders are on course to be the most adversely affected by the recession. In this region, 61 percent of people are spending less, compared to 50 percent of people in the South West.
Marketing Director at Legal & General's general insurance business, Garry Skelton, commented: "The current economic climate is having an effect on most of us. While Brits are shopping around and cutting back, it's important to ensure that any compromise does not mean losing something that is valuable: for example cutting back on household insurance could be a real false economy. Not having any or adequate household insurance could mean having to pick up the financial expense of restoring their home if some damage should happen, whether that may be burglary, flood or fire. Having household insurance cover in place to cover this possible expense far outweighs the cost saving of £27-£30 per month of not paying."
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Homeowners who have had to postpone their home improvement plans due to limited finances consider taking out a secured loan to fund the desired work. One of many options available, a secured loan for home improvement purposes could allow the borrower to carry out a vast array of projects in and around their property. For example, where extra living space is hankered after, an extension or conservatory could be embarked upon. Alternatively, some homeowners may wish to convert their attic into a study or additional bedroom. A secured loan for
home improvements could also allow gardens to be landscaped in order to create a relaxing, outdoor area for enjoying those summer days.
