Lloyds TSB study highlights the plight of the 13.5 million recession novices in the UK, as the financial recession hits the real economy

According to a new study* from Lloyds TSB the current economic downturn is the first recession which over one in four of British adults** have experienced in their adult life. While recession veterans are realistic about what to expect, these recession novices are more optimistic and less prepared to change their lifestyles.

The report found 21% of all Brits – regardless of past experience – felt the current climate has led them to suffer from ‘recession depression’. 17% claimed they had sleepless nights worrying about personal finances and 36% are spending more time at home.

The report indicated that a third of recession veterans feel better prepared for today’s economic woes because they have lived through a downturn before, although 44% acknowledged it feels very different to last time. Many said their confidence comes down to better financial management. 68% felt better prepared because they are more careful and don’t overspend (compared to 57% of novices) and 66% said they are better prepared because they don’t rely on credit to fund their lifestyles. 56% of those with recession experience simply thought they were more realistic than younger generations about how much they can spend.

Corinne Sweet, Psychologist and author commented: “When times are bad and money is tight, people experience fear and anxiety, making them more conservative and less adventurous and expansive overall. Recession novices will be feeling the greatest shock, and worrying about how to maintain their lifestyles while paying off debts, while those that have lived through it before will probably cope better, reverting to old methods of survival.”

Recession veterans are taking sensible steps to rein in spending, like buying cheaper brands (42%) and becoming more frugal. Novices are less prepared to take drastic steps. Just 24% admitted drastically cutting their spending (compared to 30% of old timers) and only a fifth are becoming more frugal compared to 39% of recession old timers. Recession novices are also less prepared to cut back on holidays and breaks away with 19% cutting back compared with a quarter of recession veterans.

To help customers during this difficult period, Lloyds TSB has created a guidance microsite for people looking for financial help. Savvy Guidance is an online resource providing useful tips and information on managing finances in the current climate, along with interactive explanations of the credit crunch, a jargon buster, FAQs and real life video stories showing how the guidance and support from a financial health specialist, can help in times of financial difficulty.

Throughout the country 1,500 financial health specialists are also on hand in Lloyds TSB branches to help customers review their finances, manage their money better and givetailored guidance and support.

About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, personal loans and credit cards, designed to meet different customers’ needs.

Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes.

Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

Notes to editors:
* Opinium Research carried out an online poll of 2,221 British adults from 30th January to 3rd February 2009. Results have been weighted to nationally representative criteria. 
** Based on UK population figures and that anyone aged 34 or below will not have been an adult during the last recession (1992). This equals 13,580,000 UK adults (28.3% of 47,778,000 UK adult population) who have not lived through a recession before in their adult life.

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LV= Has Announced That Its Level And Decreasing Term Assurance Products, As Well As Optional Critical Illness Cover, Are Now Available On The Moneysupermarket.Com Price Comparison Website

This is the first time LV= has launched its protection products online through an aggregator website. Customers can now compare the LV= life insurance and Critical Illness Cover products against the others which are available in the market, as well as any additional benefits that may be offered, with the ‘more than a cheque’ benefits from LV= which include ‘Healthy Steps’, an online health assessment and advice service, as well as free terminal illness cover.

Robin Willison, LV= Financial Advice Director commented: “It’s great that potential customers will now be able to compare the value and features of our life insurance against a number of other providers in the market. We are conscious of the financial pressures that many people are facing at the moment, and this move will demonstrate how competitive we are, and allow consumers to get the best value cover at a price that is right for them.”

Emma Walker, Head of Protection at moneysupermarket.com said: “We have been working with LV= through our off line advice team for five years and are now delighted to welcome LV= to the moneysupermarket.com consumer facing website, as we constantly strive to provide customers with the widest choice across the market. In the current climate it is more important than ever for customers to be able to compare prices and investigate levels of cover available. This is a great move for a protection specialist like LV= as they really are helping people to look after what they love in life by joining our platform.”

* Terminal Illness cover is included free and applies if the customer has less than 12 months to live, allowing customers to claim on their policy.

About LV= 
LV= and LV= Liverpool Victoria are trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs more than 3,800 people, serves around 3.2 million customers and members, and manages around £7bn on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Yearbook 2006/2007, total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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LV= Research Reveals Importance Of A Good Claims Service

LV= research has revealed that 83% of people interviewed who had made a claim on their car insurance said they would pay more for their insurance cover if they had the assurance of a good claims service. However with many people buying insurance just based on the very cheapest price, LV= is warning consumers not to forgo quality just to save a few pounds.

Peter Horton, operations director for the LV= general insurance business said: “Many people are understandably looking to make savings and cutbacks on their insurance at the moment, so they might be tempted to buy a policy from the insurer offering absolutely the cheapest quote. However the danger is that they may save themselves a few pounds in the short term but end up seriously out of pocket if that insurer offers a substandard claims service.”

LV= operates an award winning claims service and so far this year has received two more accolades for its service, including a Consumer Intelligence Gold rating.

The latest Gold Award is based on Consumer Intelligence research among over 2,000 people who made a claim on their motor insurance in 2008.

People were asked to rate their overall satisfaction with the service they received from their provider and give their views on specific elements of the claims service, including courtesy cars, repair quality and levels of communication.

The award comes hot on the heels of a Which? Magazine’s People’s Choice award received by LV= last month.

The People’s Choice accolade is awarded to the best financial service providers across a number of categories as voted for by 15,000 Which? members. Members of the Which? online panel that had experienced a claim within the last 12 months were polled to find the top provider and LV=’s claims service provided under the Frizzell brand was voted as the best.

Peter Horton concluded: “The whole point of insurance is to ensure that if your car is involved in an accident or stolen your claim will be dealt with quickly and efficiently and you won’t end up out of pocket. It’s a false economy to go with a bargain basement price only to end up paying for premium rate telephone lines every time you need to speak to the insurance company, or being stuck without a vehicle for weeks on end. People shouldn’t just consider the price but also check the insurer has a good claims service.

Peter concluded, “LV= is a mutual insurer, meaning we aren’t liable to stock market fluctuation or shareholder pressures in the same way as many other insurers, so we are able to put service at the forefront of what we do whilst still offering a competitive price. As these award wins show, our claims service is one of the best in the market – as voted for by people who have experienced a claim, and who better to ask than them?”

 

About LV= 
LV= offers car, home, travel and pet insurance cover direct to consumers by telephone from its UK call centres in Bournemouth and Croydon and online from its website. LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. LV= employs over 3,800 people, serves around 3.2 million customers and members, and manages around £7 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008, total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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Indiana Campaign Finance Announces Payday Loans

Now, through Indiana Campaign Finance — fast payday loans — from the convenience and privacy of your desktop. No fooling — there’s no faxing. Just quick funding. No tedious, time-consuming, paper-greedy processes to hold you back or tie you down from the solution that awaits you, thanks to Indiana Campaign Finance.

ICF knows that some situations call for a fast and trouble-free fix, so our knowledgeable experts have created the online No-Fax Payday Loan, for the fastest prescription for your short-term financial crunch.

For those urgent, worrisome times when “help can’t wait,” Indiana Campaign Finance (ICF) can come to your rescue. home loans ICF isn’t just any port in the storm — it’s your modern-day solution for modern-day financial woes. Use fire to fight fire — apply for your ICF Payday Loan, and get help, fast.

Apply for an easy, fast ICF student loans or Payday Loan online and get your money deposited directly and conveniently straight into your bank account, with no faxing or intervention required. No anxiously waiting for mail deliveries that might get held up or misdirected – you’ll be the first to know when help has arrived, not your mail carrier.

If you can type, ICF can help — it’s just about that simple. Armed with just your paystub and the privacy of your computer, you can truly feel better fast by attacking what really needs to be done: dealing with urgent debt and quieting creditors through help from ICF.

Now is the time to exchange desperation for relief — why wait? ICF is on your side. — or can be, as soon as you say the word. 

Don’t hesitate to turn to ICF for help — with financial debt, like a hole in the roof, things will only deteriorate the longer you wait. 

Act now to stop your expensive debts from getting even bigger. With the savvy and sympathetic staff at ICF, there’s no need to wait or hesitate.

Afford yourself some urgently needed peace of mind: with a quick-fix remedial Payday Loan from Indiana Campaign Finance, you can buy yourself some breathing room to think straight and fly right. Apply For the ICF No Faxing Payday Loans Online And Get Your Loan Now! Indiana Campaign Finance Payday Loan online applications are at your fingertips, at http://www.indianacampaignfinance.com/loans/payday-loans.html.
Remember, the sooner you apply, the sooner you’ll breathe easier. See also : auto loans, bad credit loans

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