According to new research from life insurer Zurich, despite the testing market conditions, less than a third of consumers have reviewed their finances in light of the credit crunch (29%) and a fifth of people (21%) claim it is a term created by the media.
Worryingly, more than a third of people (36%) don’t believe that the credit crunch will affect them, in spite of all the talk of the housing market downturn, the difficulties of obtaining credit and the rising cost of living.
The survey also reveals that in the current economic climate, more than half of respondents (52%) still consider property to be a good investment. Surprisingly, those living in London (57%), considered this investment to be very important despite it being one of the most expensive regions in the UK. Confidence is also high in Scotland, with 55% of Scottish respondents believing that property is still a good investment. But confidence fell to 50% in Yorkshire and was lowest in East Anglia, with less than half (43%) feeling this way.
