Brits keep £847bn of wealth at home
Older households have accrued more wealth, as 10% of 60 to 74 year olds have over £75,000 locked away. People aged 17-29 had the lowest-valued home contents on average, as three quarters (73%) had contents worth less than £20,000.
Kevin Roberts, broker director at Legal & General, said: “Brits are keeping significant amounts of wealth within the household and this trend looks set to continue in future.
“There are opportunities for brokers to help clients understand the precise value of their contents and possessions and indeed to protect those assets.”
He added: “We expect older householders to have accumulated more wealth and valuables.
“With older people increasingly comfortable and engaged with the internet, brokers can’t assume that the role of face-to-face advice is sacrosanct among this group of people.
“However, it’s likely that brokers will be able to add significant value to this marketplace and should focus their efforts accordingly.”
The value of possessions was the lowest amongst those who are renting, as 20% had home contents worth less then £5,000.
A quarter (23%) of mortgagors and two in five (37%) outright homeowners had possessions worth between £40,000 and £75,00.