Money News
Despite the levels of UK personal debt exceeding £1 trillion, we're continuing to invest in our passion for fashion with 25% of Brits owning £2,000 worth or more of clothes, shoes and accessories in their wardrobes, according to research by Prudential Home Insurance. A further 2.6 million (6%) estimates the contents of their wardrobe adds up to over £5,000.
As Brits continue to splash their cash, they're becoming increasingly careless when it comes to insuring their glad-rags, with the Pru research revealing £13 billion worth of uninsured clothes, shoes and accessories lying around in British households.
It seems that being unemployed isn't enough to discourage many people from splashing their cash on clothes. Indeed, 69% of those without a steady income admit to having bought clothes and forgotten about them. Additionally, 14% of those not in paid employment own up to £500 of clothes. And 5% own £5000 or more.
The research also reveals that 7% of people who aren't working report from 4-6 designer items in their wardrobe. And people without jobs are also more likely to own more shoes - 34% owning between 1 and 5 pairs compared to only 27% of those with jobs. 7% of those without jobs would spend up to £70 on a pair of jeans and a further 4% would spend up to £100.
For many, buying clothes is a quick fix and one that's soon forgotten as their purchases are left to collect dust at the back of the wardrobe. 34% forget about new purchases and even admit that they sometimes find items in their wardrobe that they never knew existed.
Women are more likely to forget about their purchases with 77% of women compared to only 67% of men admitting that it's likely of them to find clothes they'd never worn or forgotten about.
19 February 2007 © Moneyextra.com
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