Economic uncertainty keeping underinsured nation awake at night

With thoughts of the ‘credit crunch' and ‘house price slumping' all around, it's difficult to escape the sense of financial foreboding. New research conducted by PruProtect has found that more than half of Britons (52 per cent) currently consider their financial situation their most pressing concern, closely followed by the health of their family (46 per cent) and their own personal health and wellbeing (40 per cent). And 58 per cent agreed that life has become more pressured because of the current economic uncertainty.

Paying the bills on time (85 per cent) and calculating household budgets (35 per cent) now sit firmly at the top of Britons' list of priorities, whereas luxuries such as planning a holiday (five per cent) have taken a back seat as forking out more on essential living costs, such as mortgages, fuel and groceries, takes its toll nationwide.

While these figures may be unsurprising given the current economic climate, what is surprising is the number of Britons who are actually prepared for potentially negative economic or health-related circumstances. Almost one in ten Britons - seven per cent - take the ‘ostrich' approach by burying their head in the sand when it comes to facing up to these concerns.

This may explain why only 13 per cent have mortgage payment protection insurance, payment protection insurance or accident, sickness and unemployment insurance (ASU) and almost one in ten (9 per cent) have no insurance at all. Less than a fifth (19 per cent) think they would be able to maintain their current lifestyle if they fell ill and were unable to work, but a staggering third of the population (33 per cent) do not know how much money they would need to live off if they were unable to work due to illness.

Sammy Rubin, CEO, PruProtect, says: "There is obviously a gap between what issues we, as a society, are worrying about and what we're doing to alleviate these worries. Protecting ourselves in the event of changes to our personal circumstances can take a huge weight off our minds."

It seems that facing up to our concerns and niggling to-do-lists can help give Britons peace of mind. The majority (83 per cent) consider themselves an organised bunch when it comes to managing their personal admin tasks and almost a third (30 per cent) even try to sort out their problems straight away. Furthermore, 28 per cent admit to feeling relieved and ready to face the day when they've ticked things off their ‘to do' list.