People on low incomes are giving up insurance due to ‘poverty premium’
More than half of people in poverty are finding it difficult to pay for their insurance, leading some to give up insurance as they prioritise food and energy bills, according to research by Social Market Foundation.
The research, which was supported by Fair By Design, found that insurance is becoming increasingly unaffordable for those on low incomes, as they are charged a ‘poverty premium’.
This means they pay more for insurance cover due to reasons they cannot control, such as where they can afford to live.
The report draws on an online survey of 1,537 UK adults living in households with equivalised low income below 60% of median, conducted by Public First on behalf of SMF, as well as two focus groups.
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