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Many Students 'apathetic About Home Insurance'

Many Students 'apathetic About Home Insurance'

Many student account holders do not realise how important taking out home insurance is during their time at university.

That is the opinion of John Baker, head of general insurance at Nationwide, who believes a high number of scholars in the UK have an apathetic attitude towards signing up for contents and buildings insurance.

Research published earlier this month (September 1st) by the financier revealed that around 40 per cent of individuals take more than 500 worth of belongings with them when moving away from home to begin a degree course.

Despite this, students surveyed by the company stated that finding friends or joining social clubs was more of a priority to them than obtaining cover.
Many Students 'apathetic About Home Insurance'

However, Mr Baker indicated that the fact around 15 per cent of attendees have been victim to theft while studying clearly shows an effective insurance policy is vital.

"Rather than ignoring it, this is something that students should take account of and should do something about," he added.

This comes only a couple of days after a new study showed that an increasing number of young adults are struggling with credit card debt.

Research published earlier this month (September 5th) by the Consumer Credit Counselling Service (CCCS) revealed that many people aged 18 or 19 are not making their current account balance stretch far enough.

Consequently, a large number of individuals in this group are facing financial problems as they start adult life, with 753 people contacting the charity last year for advice on unsecured debts worth an average of 2,254.

Delroy Corinaldi, director of external affairs at the CCCS, stated this makes it clear that greater levels of financial education are required sooner rather than later in the UK.

"These figures show how quickly young people can fall into debt in the first few years of adult life," he noted.

Recently, Martin Bamford of Informed Choice said younger families are more likely to suffer from debt than older people.

Mr Bamford, believes obligatory large repayment plans mean younger households often face the prospect of being saddled with debt in the wake of the recession, explaining that there are "certainly lots of financial pressures" on this age group, primarily because they leave university having loaned huge amounts and also now face a "massive increase" in prices attached to the country's property sector.

He went on to state that such circumstances mean the older generation are generally in a "better position" financially, as they have not been forced to take such costs on board.

Late last month (August 31st), research by Aviva revealed that British families are now more concerned than ever before about the rising cost of living.

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