‘Lifes-worth' most at 46

Forget flash late twenty-somethings and frivolous early thirty year olds, according to the inaugural ‘Lifesworth' report by MORE TH>N insurance, it's 46 year olds who are worth the most when it comes to the total value of personal possessions kept in the home - £40,919 to be exact.

The report quantifies people's ‘Lifesworth' at various ages and clearly shows how individual values increase and decrease as the decades tick by or their circumstances change.

Worryingly though, it also reveals large discrepancies between perceived and actual ‘Lifesworth' values - suggesting Brits are too caught up in the daily grind to actually stop and take stock of what they're worth. For example, the report shows that the average 40 year old THINKS the total value of their personal possessions is £28,917 - it's actually £40,125, over £11,000 more.

Underlining the need for people to stop and assess the cumulative value of all of their possessions, the statistics show that 56 per cent of Brits have no idea as to the total value of things they keep in their home. Similarly, one fifth of Brits admit to never having thought about the value of their home and over half believe that their current level of home insurance will cover them for the rest of their lives.

Under 40 it's care free 28 year olds that have the highest ‘Lifesworth' values. Most 28 year olds are without serious family ties or commitments and their average value, £33,166, is no doubt partially made up of indulgent ‘from me to me' gifts.

As well as revealing ‘Lifesworth' values, the report also shows specifically the extent to which major life events, such as moving in with partners or having kids, affect the total value of home contents. Moving in with a partner will on average generate an increase of 65 per cent while having a child will add an extra £2,000 to peoples' home contents values. This is due to the additional items required to accommodate a new baby, such as pushchairs and cots.

Coinciding with the release of the report MORE TH>N has launched a new online tool - dubbed the ‘Lifesworth calculator' - to help people work out what their belongings are worth. As well as giving current monetary valuations, the calculator also provides basic predictive values for various stages in the future: yourlifesworth.com

Commenting on the findings of the report and launch of the ‘Lifesworth calculator', MORE TH>N Product Director Dowshan Humzah, said: "It's interesting that the magic Lifesworth age falls within the fifth decade - it adds weight to the old adage that ‘life begins at 40'. What's concerning however is how little thought people seem to be giving to the total value of their possessions. Brits work hard enough to buy things but by not keeping track of what they own, they run the risk of being under-insured. The report shows that on average, people spend £13,000 every five years on things they keep in their home so home contents policies need to be checked and updated regularly as a result".

"If people are in any doubt as to whether their current level of home contents insurance covers them, I would encourage them to log on to the Lifesworth calculator to clarify the total value of their belongings. At MORE TH>N we are keen to ‘do more' by helping householders keep up with the rising cost of their home possessions. We hope the online calculator will help people stay on top of their Lifesworth!"