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New research suggests that the average Brit achieves their optimum value in terms of assets at the age 48. The latest study, from MORE TH>N, found that the average 48 year old is worth £52,587. The survey of 2,000 people revealed that the wealthiest point in the average person’s lifetime in terms of personal possessions is 48, when the value of possessions peaks at £52,587. However, despite this news it seems that home contents insurance is undervalued by around £14,000.
The poll asked people how much they think they are worth based on the value of the belongings in their home and compared this to findings from the Centre for Economic Business Research (CEBR). The calculations show that UK households significantly underestimate the value of their personal items, highlighting the need for the nation to review their home contents insurance. The average person in their 40s believes they are worth £24,510. In fact, the research found that the average 48 year old is worth approximately double that amount. Over 55 year olds also underestimate their value at an average of £25,936, when the report found they were worth £45,920. One in five people confessed to never thinking about the value of their home contents insurance despite the fact that many homes are now equipped with the latest high-tech gadgets. Computers, for example, represent three out of five of the most expensive items in modern households. Matt Pernet, Head of MORE TH>N Home Insurance, said; "Given the importance we seem to place on having the latest gadgets and electronic items, it's concerning how infrequently we stop to assess the true value of the items we keep in our home.” "A third of Brits (34%) believe that their current level of home insurance will cover them for the rest of their lives and 10% haven't reviewed their cover since they first took it out. It's essential to keep track of what you own and review home contents at least once a year to avoid the risk of being under-insured and to ensure you're prepared should the worst happen." Compare home insurance with Money Expert.
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