Hand-Me-Down Hoarders Hang on to Millions of Pounds of Goods

Tuesday, Jul 07,2009, 11:35:51 PM Click:

Britons are hoarding millions of pounds worth of hand-me-down items, according to research by Swinton, one of the UK's leading high street retailers of home insurance.

A survey of 2,000 home insurance customers found that 93% have inherited at least one item from relatives, and 53% have taken possession of five items or more. The poll found that hand-me-downs goods were predominantly inherited from grandparents (54%) and parents (32%).

According to the research, the average person is hoarding Pounds Sterling 4,389 worth of heirlooms ranging from small pieces of jewellery through to large Grandfather Clocks.

The most common inherited items were:

1. Jewellery

2. Ornaments

3. Collectables

4. Furniture

5. Photographs

Of those who have inherited items, 44% said that they disliked what they had received but were keeping it in case it was valuable and 26% said they were holding on to the goods for sentimental reasons. Only 19% receivers had sold items for some hard cash.

Steve Chelton, Insurer Development Manager for Swinton, said: "In the UK we are a nation of hoarders. Even if we don't like what we've inherited we'll still keep hold of it, and some martyrs will even display them!

"We'd advise anyone who inherits heirlooms to have them valued and check that their home insurance is adequate to cover for expensive valuables."

About Swinton

- With 580 branches nationwide Swinton is the UK's largest high street insurance retailer

- Unlike many other companies in the financial services industry, Swinton is committed to keeping its branches open for business, and part of the community

- Swinton provides a one-stop-shop for the insurance and related needs of its clients, offering home, car, caravan, business, holiday, motorbike and even classic car insurance

- With a dedicated team of advisors on hand at every branch to search a panel of insurers to offer quality cover at competitive rates

Contacts: Manchester PR Agency SKV Communications Michael Travers 0161 838 7770 Manchester PR Agency SKV Communications Anoushka Foster 0161 838 7770

SOURCE: Swinton Insurance