Renters and homeowners have had to make difficult decisions due to high housing costs, according to a recent Nationwide survey.Rising housing costs are why 20% of renters and 8% of homeowners reported they had to relocate and move into smaller spaces. Moreover, one in five respondents said they have withdrawn money or are considering withdrawing money from their retirement savings to cover housing costs.
"As consumers focus on how best to manage their finances during this uncertain economic period, an insurance agent can serve as a valuable partner to help people understand how best to manage the sometimes delicate balance of saving money in the short term without exposing themselves to significant future financial risks," Nationwide President of Personal Lines Insurance Casey Kempton said.