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15-Oct-08 12:15 [Pensions]
Pensions and insurance 'dropped to save money' An increasing number of people are doing away with pension and insurance contributions as the credit crunch looms large, it has been understood.
In a recent survey taken out by uSwitch.com, it was discovered that nearly half of working British people had made the cancellations to reduce household spending in the face of bigger energy bills, food prices and fuel costs.
Ashton Berkhauer, an insurance expert with the company, said that there was a big difference between cutting back on luxuries or items in the shopping trolley during the weekly supermarket trip, but stopping pension payments or insurance was another matter.
He continued: "The potential impact on you or your family finances if you get it wrong could be huge and long lasting, so it's important to go into it with your eyes wide open."
Yesterday, uSwitch.com revealed that over one million people were using credit cards to pay for mortgages, loans and bills.
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