Single Brits seriously underestimate the value of their clothes, according to a survey by Barclays Insurance Services.
The bank says that people are failing to insure their clothes against damage and loss, even though women alone spend almost £800 every year on new items of clothing.
Managing director of Barclays Insurance Services, Adrian Grace, said: "The image- conscious singleton may want to spare a thought to doing some long term financial planning, to protect their prized fashion investments and to regularly check if all their goodies are still insured."
Last year alone single women spent £1 billion on clothes using Barclays visa and debit cards, meaning that their wardrobes are worth much more than they think.
Research shows that women only throw away five per cent of their clothes every year, meaning that the value of their wardrobes could soon reach thousands of pounds.
Single men spent considerably less, totalling just over £500 million.
A recent study by Visa UK revealed that we cannot keep track of spending, with £31 going unaccounted for every week.
Surprisingly perhaps, men were more likely to lose track of spending than women.
Barclays Insurance Services offers both contents and home insurance designed to cover your home and possessions.To read more about Contents Insurance, click here.
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