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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

ABI: Consumers failing to protect themselves against financial uncertainty

14/07/2008

Despite a number of large companies making job cuts recently, British people are deciding against taking out redundancy cover, a survey has shown.

The Association of British Insurers (ABI) has said the decision to decrease insurance payments is "worrying".

A total of 69 per cent of those questioned in the ABI`s survey, carried out by YouGov, said they were not willing to take out any protection insurance products in the future.

Meanwhile, 92 per cent said they believed the current economic climate to be worse than a year ago and 82 per cent expect it to deteriorate over the next 12 months.

This may lead to people getting into debt after being faced with redundancy without preparation.

Assistant director of ABI`s health and protection insurance, Nick Kirwan, said the economic outlook warrants protection yet few people take it out.

"It`s clear that we need to work harder to get the message across about the peace of mind and value that having the right protection insurance gives individuals and families," he said.

In related news, Rias has warned against cutting motor insurance to save money during the credit crunch.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according