Scottish Provident: One in five believe living standards will decline

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Scottish Provident: One in five believe living standards will decline

Scottish Provident has found that 21 per cent of British people believe their standard of living will decline over the next ten years.

By comparison, the same study five years ago found that 14 per cent of those surveyed thought standards would drop.

In addition, 26 per cent thought that life for the average family had stayed the same or got worse in the last 25 years, despite the fact that household wealth has more than doubled in that time.

In contrast, the life insurance provider found in September that 35 per cent of participants thought that the government provided an adequate safety net for modern living standards, showing continued support for the welfare system.

Susan Barclay, head of marketing at Scottish Provident, said it is understandable people would be pessimistic during financial hardship, but found worrying the "level of gloom, with the majority of people saying they don't see an improvement in their standard of living for at least ten years".

Ms Barclay stressed that it is important not for customers to take their current standard of living for granted and take out sufficient protection for themselves and those around them.

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