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Life insurance boom fuelled by desire for happiness

Date: Mon, 01 Aug 2005

The recent increased demand for life insurance products could be due to how happy we feel.

New research shows that often people's spending habits are influenced by the state of their personal relationships rather than their need for financial security.

The study, commissioned by Mint and based on data provided by the Office of National Statistics, concluded that there has been a drastic change in the way we spend money, with a growing trend towards personal fulfilment rather than materialistic possessions, the Telegraph reports.

Life insurance was one of the top ten areas of spending as more people feel the need to ensure the financial security of relatives rather than concentrate on day-to-day shopping wants.

"We are becoming much more sophisticated as consumers," said Jerry Toher, managing director of Mint.

"Today we are less driven by what other people have and more about what will fulfil us as individuals."


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