A significant number of people are not concerned by the current economic climate and still have their sights on property as a good investment, according to life insurer, Zurich.

According to its research, less than a third of consumers have reviewed their finances in light of the credit crunch and a fifth of people claim it is a term that has been created by the media.

Worryingly, more than a third of people don’t believe that the credit crunch will affect them, in spite of the talk of the housing market downturn, the difficulties of obtaining credit and the rising cost of living.

The survey also reveals that in the current economic climate, more than 50 per cent of people still believe property to be a good investment. Surprisingly, those living in London (57%) considered this investment to be very important despite it being one of the most expensive regions in the UK.

Confidence is also high in Scotland, with 55 per cent believing that property is still a good investment. But confidence fell to 50 per cent in Yorkshire and was lowest in East Anglia, with less than half feeling this way.

The survey also indicates that saving priorities differ between men and women. A higher percentage of women (48 per cent), compared to men (38 per cent), state that savings is a very important priority whilst men score a higher percentage (45 per cent) than women (36 per cent) for saving in a pension plan.

Tony Solomon, Business Development Director, Zurich UK Life, says, ‘It is worrying to find that less than a third of people have reviewed their finances in light of the credit crunch. With the credit crunch bringing spiraling living costs, from fuel to food to interest rates, families are seeing their budgets stretched to the limit. It is crucial for people to do something positive such as seeking advice and reviewing their finances to ensure their money is working as hard as possible to meet their future needs.

‘Additionally, we strongly urge young people to reassess their financial priorities. Saving a small amount, as early as possible, on a regular basis, could make a huge impact on their finances in the future.’