A new report by the well-known Life Insurance firm More Than has revealed that 46 year olds are at the peak of their financial and material wealth. The report said that by the time people are aged 46 they have more valuable items in their homes than ever before. The Lifesworth report determines living standards by the value of the items in a person’s home and the report suggests that 46 year olds have more fun and are happier and more financially secure than any other age. Dowshan Humzah works for More Than insurance as a product director, he told the press: “It is interesting that the magic Lifesworth age falls within the fifth decade – it adds weight to the old adage that 'life begins at 40'. What is concerning however is how little thought people seem to be giving to the total value of their possessions."
While 46 year olds had the most valuable possessions in the study the next most materially wealthy age was 28, those who were aged 28 had on average £33,166 worth of belongings. It was suggested that this was because people who are in their late 20’s are often working hard in more developed roles and often don’t have any dependants.
The report also showed that people do not realize the true worth of their belongings and the worth of valuables as estimated by participants was far lower than the real value of their goods. Estimations by 40 year olds were £11,000 lower than their belongings were worth in reality.
Humzah also told the press: "Brits work hard enough to buy things but by not keeping track of what they own, they run the risk of being under-insured.” Designer goods, jewelry, high quality vehicles and high-tech gadgets were among the belongings listed as having high values and more of these objects were owned by 46 year olds than any other age.
Those who lived with a partner had 65% more wealth tied up in their valuables and those who had a baby, had another £2,000 pounds worth of child related items. 56 % of the people questioned in the survey couldn’t guess at how much money their belongings were worth at all and many participants thought that their early, low level of home insurance could cover them for loss or damage indefinitely.
Those who are concerned that they do not have enough home insurance to cover their belongings can use a special new calculator on the More Than website to determine the value of their goods. Humzah stressed the importance of getting the right amount of cover: ”The report shows that on average, people spend £13,000 every five years on things they keep in their home so contents policies need to be checked and updated regularly as a result."
More Than is also a well known life insurance provider and can provide quotes from £5 a month to help your loved ones to cope after you’ve passed on. The More Than report has been criticized because the valuations of people’s possessions seem high to many people and most people would find it difficult to unlock the value of their belongings by selling them.
Sarah is an author of several articles pertaining to Life Insurance. She is known for her expertise on the subject and on other Business and Finance related articles.
