Factor motor insurance into windfall car purchases
Wed, 03 Aug 2005
People who are likely to come into money are being advised to make sure they don't squander it away on frivolous purchases.
A new study from Prudential examined how people would chose to spend an unexpected £20,000 windfall – fully expecting wardrobes of designer clothes or luxury cruises to be the answer.
The younger the respondent, the more likely they were to spend some of the money on travelling or purchasing a new car- although buying a high performance car also means some of the windfall will need to be spent on purchasing a valid insurance policy.
"We all have dreams no matter what our age, and it seems that the common aspiration for all age groups is to travel. But as people get older they find it more difficult to turn these dreams into reality," said Ali Crossley, director for lifetime mortgages, Prudential UK.
"Priorities change, and if money is tight, then the necessities of building the home and supporting the family outweigh the dream of travel," he added. 
© Adfero Ltd
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