It seems our forties really are fabulous as new research from MORE TH>N Home Insurance reveals Brits are worth the most at 48 when the value of our possessions peaks at £52,587.
MORE TH>N asked Brits how much they think they are worth based on the value of belongings in their home and then compared this to findings from the Centre for Economics and Business Research (CEBR), which identifies the actual values based on patterns in annual expenditure.
According to calculations, households significantly undervalue the contents of their home, underlining the need for people to assess the cumulative value of all of their belongings. For example, the average 40-something believes they are worth £24,510 when in actual fact a 48 year-old is worth twice that amount (at £52,587). Likewise, those aged 55+ believe they're worth £25,936 but in reality are worth £45,920.
Worryingly, one in five (22%) people admit to never thinking about the value of their home contents and on average believe they're worth £21,477 when the actual total average is £35,414.
It's little surprise that households are worth so much with the research showing that electronic items, hi-tech gadgets and computers represent three out of five of the most expensive items in our homes today. In addition, one in ten value their wardrobe at over £2,500 and 44 per cent claim large electrical goods have the highest monetary value in the home.
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."
