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Country residents 'not saving or taking out life insurance'

Many rural residents are not putting money aside in savings, insurer NFU Mutual has claimed.Research from the firm found that just 25 per cent of country dwellers are saving - while, by contrast, 20 per cent are spending more than they earn each month.This could lock the residents into a debt spiral, with the big spenders finding themselves unable to meet credit repayments.Moreover, 44 per cent said that life insurance was not a "priority" for them at the moment.Laura Wood at NFU Mutual suggested that this could be due to the close-knit nature of rural communities."The fact that only a small proportion of rural dwellers view life insurance as a priority is a huge worry," she commented. "They may believe that living in a rural community provides them with closer links to their wider family and friends who would take care of their dependents if the principal wage earner was not around."

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