Saving for the future and paying off debts also take precedence over having the most up-to-date gadgets and keeping up with the latest fashions according to the second Changing Face of British Homes Report conducted by Opinion Matters for Legal & General.
Saving for the future is rated an important priority for the next 12 months by over three quarters, (76%) of those polled, with paying off debts rated important by over half (55%) of people. In contrast, only one in five, (19%) see having the latest gadgets as important.
Our preference to ‘make do and mend’ is in stark contrast to the findings of the first Changing Face of British Homes report carried out in 2008, in which 86% of Brits admitted to replacing broken or damaged household items without any attempt at fixing them first.
Upgrading properties by making home improvements – rated important by almost half of respondents, (46%) – is also revealed to be more of a priority than moving to a bigger home or a home in a better area. Only 22% rated this as a priority for the coming year.
Mike Lawler, director for Legal & General’s general insurance business said: “We have seen a clear shift in the way we view our homes and possessions in recent years. In the first Changing Face of British Homes Report [in 2008], 15% of people said they would like to dedicate a room in their home to become a library – now people are questioning the need to even have bookshelves.
“These changes in attitude mean that the focus we have on items in our homes is now on budgeted upgrades and improvements, in comparison to the splurges for ‘must have’ items witnessed in recent years. Our research shows that Brits have become more realistic about what they can afford and are focusing on enjoying the cheaper and often more simple things in life such as spending time with friends and family.”
