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Singles are financially exposed

17th December 2008 Print
With financial news dominating the front pages and access to financial information much more freely available, arguably financial awareness in the UK should be at a record high. However, new research from UK Life insurer Zurich reveals that one group of people in particular, the singletons, are potentially leaving themselves financially exposed.

Protecting personal finances against long term sickness or critical illness is arguably more important amongst single people than married couples. However, Zurich's research shows that only one out of ten singletons have any Critical Illness cover and less than one out of ten (8%) have any form of Income Protection cover. With no other income to rely on, this lack of financial protection would clearly have a major financial impact if the individual became ill.

Being financially alone is not easy and the survey shows that more than a third (35%) of all single people are worried about the added financial cost of being alone. Yet, despite that fact, seven out of ten singles (70%) have never sought advice from a financial adviser who would help them make informed choices to protect themselves against potential loss of income.

The research also looked at the current financial priorities of singles. Encouragingly, nearly half (45%) of single people were in agreement that it is very important to have no credit card debts or overdraft and over a third of people (35%) think it's important to having savings.

The financial outlook over the longer term, however, looks less encouraging, with only just over a third (35%) of single people who think it's important to have a pension.

Tony Solomon, Business Development Director, Zurich UK Life, commented: "The research has demonstrated that there is a real need for financial advice, particularly among people who are single. An independent financial adviser can help to alleviate some of the stress and worry in making short and long term financial plans, whatever your lifestyle.

We understand that modern life can leave very little time for people to sort out their finances. But the fact that more than a third of single adults worry about the added financial cost of being single, suggests that being single in this current economic climate may be more fretful than fabulous!"