A staggering 21% of the UK public believe the credit crunch is a media created myth, new Zurich research has found.
The survey conducted across the UK revealed 36% of respondents think they will not be affected by the credit crunch in any way, while just 29% have reviewed finances in light of the current turmoil.
It also found purchasing life insurance was a low priority for respondents in the 45 to 54 year old bracket, as well as with single people in the current climate.
More than half of those questioned (52%) still consider property to be a good investment despite worrying data, while owning a home is the main priority for those aged 45 to 54 and people over 55.
The main priority for 18 to 24 year olds is to own a car.
“It is worrying to find that less than a third of people have reviewed their finances in light of the credit crunch,” Zurich UK Life business development director Tony Solomon says.
“With the credit crunch bringing spiralling living costs, from fuel to food to interest rates, families are seeing their budgets stretched to the limit.
“It is crucial for people to do something positive such as seeking advice and reviewing their finances to ensure their money is working as hard as possible to meet their future needs.”IFAonline
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