One in 10 Brits’ gold worth more than cash savings

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Market-savvy consumers stashing their jewellery rather than money.

Research by Esure home insurance has found that one in 10 people in Britain have more gold, in terms of value, than savings.

The research found 14% of Brits have bought an item of gold jewellery as an investment for the future in past 12 months, while 6% have swapped their jewellery for cash or have taken part in so-called bling-and-buy party.

Londoners have spent the most on gold as an investment, with 27% of those surveyed by Esure having bought gold for investment during the past year – the highest of any region polled.

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The most popular items stashed away by savvy consumers include rings and necklaces. Nearly 62% of the gold items owned by Brits were gifts, while a fifth of the items were inherited from family or friends.

The insurer found that 72% of homeowners have never had their gold jewellery valued and surprisingly, more than one in ten Brits undervalue their gold belongings at three times lower than it would cost to replace.

Nikke Sellers, head of home insurance at Esure, said: "To avoid unnecessary hassle, homeowners should ensure they revalue precious jewellery or costly household items – whether made from gold, silver or diamond – to avoid any disappointment should anything unfortunate happen."

 

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