People are balancing on a high wire with no safety net to protect the income that provides for the basic things in life, not to mention those little luxuries, according to new independent research commissioned by Scottish Provident.
The "High Wire Britain" research was last undertaken in 2003 by market research specialists Ipsos MORI to investigate consumer lifestyles and attitudes. The key areas explored were:
- Lifestyle changes: is our standard of living rising or falling?
- Attitudes to home ownership and debt
- Consumer attitudes to protection
- Attitudes to partying/ eating out/ holidays
- Regional attitudes to saving
- Attitudes to relying on the state
- Insurance/ life assurance
- Where people go for financial advice
Now, for 2009, Scottish Provident has commissioned the research again to measure behavioural and attitudinal shifts when it comes to managing personal finances and priorities.
Susan Barclay of Scottish Provident says, “When Scottish Provident ran the High Wire Britain research in 2003, we were shocked at consumer attitudes to personal finance and protection. In 2009 we are literally living the high life - on a high wire juggling mortgage repayments, credit card debt and general living costs - with little or no safety net should we fall ill. You would not walk a high wire without a strong safety net to protect you. It is time you protected yourselves against a financial fall."