UK customers not covered throw money away

Shocking new statistics from Bright Grey have revealed that customers in the UK are throwing money away, despite the near £3billion deficit in life insurance cover in the region.

Protection experts Bright Grey carried out a survey into the financial activities of members and looked at the way in which we look at our money.

In the UK millions of families do not have adequate levels of life insurance, meaning the families could be left in financial hardship if one of the parents were to lose their life. Often we ask customers what their family would do financially if the customer was to die tomorrow, and whilst sounding harsh, that’s the true reality of life insurance.

Bright Grey revealed that on average an adult living in the UK will waste £30 a month, enough to buy an average 30 year old around £400,000 worth of life insurance cover.

The survey revealed that people living in the North East were the most wastefully, a surprising statistic given that those who live in the North have a reputation of being tight with their money.

Head of research at Bright Grey, Roger Edwards explained, : “It is somewhat alarming that during a period when people fear for their financial future, the average person is still wasting nearly £30 a month through simply not taking care of their cash or spending it unwisely.”

The national average for money wasted by an adult each month was £28.90, with Geordie adults wasting £43.90 each month. In Cardiff adults wasted £42.80, whilst those north of the border in Glasgow wasted £38.30. In London £34.50 was wasted each month, as the larger cities saw the most frivolous members of society.

According to the survey adult men are more likely waste money, wasting around £30 each month, compared to the £27.30 women waste in the same timeframe. The survey also found that people were more likely to waste money if they have it in cash in their wallets or purses, with men keeping more in their wallets than women.

With so much money going down the drain, it’s amazing that customers don’t think to spend that money instead on life cover, which could make such a difference in the future to their loved ones.

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