Wardrobe worries

28th September, 2005

Most singletons around the UK are underestimating the value of their wardrobes, finds new research.

Women up and down the UK will be agape in disbelief but Barclays Insurance Services says that people don't realise how much their clothes are actually worth.

The average single person in the UK spends around £632 per year on new clothes.

Women spend slightly more that this, paying out roughly £778 annually and perhaps unsurprisingly, males spend less than females, averaging about £456 per year.

For home insurance purposes however, most Brits value their clothing collection at around £1,000, which would not cover the cost of replacing items if they are stolen or damaged.

Adrian Grace, managing director of Barclays Insurance Services, commented: 'The image conscious singleton may want to spare a thought to doing some long term financial planning, to protect their prized fashion investments and to regularly check if all their goodies are still insured.'

Singletons should take stock of the contents of their wardrobes, and keep it in mind when making assessments for home insurance.

 

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