Adverse Mortgages UK

The wardrobe contents of 25 per cent of Britons add up to over £2,000, according to a home insurance provider.

Furthermore, six per cent of the population own clothes worth over £5,000 in total, according to Prudential Home Insurance.

Yet the organisation estimates there are more than £13 billion worth of uninsured clothes, shoes and accessories in the UK.

And the body found that 69 per cent of people without a steady income are wasting money on clothes - buying and then not wearing them, with five per cent of unemployed people owning more than £5,000 worth of clothing - a trend it said has been exacerbated by the increase of low-cost clothes shops.

"The increasing popularity of low-cost clothing shops means that people are encouraged to spend money on a regular basis with the growing trend for disposable clothing," said Phil Southgate, media relations manager for Prudential Home Insurance.

The average household debt in the UK is £53,326 including mortgages, according to money charity Credit Action.

© Adfero Ltd

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