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Don't forget critical illness cover

Date: Wed, 26 Apr 2006

Keeping up with the Joneses can prove to be an expensive business and could mean cutting back on vital financial products such as critical illness.

Research from financial services company Lincoln Financial Group estimates that nearly five million people admit to spending on possessions in order to compete with friends, family and neighbours, resulting in an extra spending of £887 per person.

This means that around £4.12 billion is spend on unnecessary possessions each year, and men appear to be the most competitive, with 13 per cent of males say they spend to keep up appearances compared to just seven per cent of women.

Ian Noble, head of strategic partnerships at Lincoln, said: "Spending simply because you are envious of other people isn't sensible in the long-run."

He added: "The amount spent keeping up appearances demonstrates that savings can be made and also shows that everyone should consider how they would afford their lifestyle if they couldn't work. Protection policies such as income protection, critical illness and life insurance are a sensible investment for many of us."



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