Life Insurance -
Credit crunch means less people are likely to go for life insurance - 06/04/2008
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New figures show that the credit crunch is making people cut back on financial products such as life insurance and pensions in an effort to save money.
According to Prudential, the number of voluntary contributions to pensions has nearly halved in the last year, with people who have company or private pensions saying they have reduced their payments by £134 each month in comparison to last year.
Further research by stockbrokers, Brewin Dolphin, showed that one in ten people who contribute to pensions think they are going to “stop”, “pause” or “reduce” their pension payments in the coming year as the effects from the credit crunch continue to be felt, with those most likely to do this aged between 24 and 35.
Gary Shaughnessy of the Prudential group says that this is not the right move. “The current uncertain economic conditions and concerns over house-price deflation means that maintaining pension contributions is more important now than ever,” he said.
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