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IFAP publishes survival guide

IFA Promotion is releasing a free guide to help consumers survive an economic downturn, which includes cost-cutting tips and a list of “recession-friendly” financial products.

The guide suggests that savers take out unemployment and mortgage payment protection insurance to safeguard mortgage payments in the event of job loss or illness.

It says remortgaging may be a way to raise much-needed spare cash and flexible loans often allow payment holidays throughout the term.

But stopping investing completely can often be a poor move, according to IFAP. It says: “Pouring spare cash into the markets for the long term can end up being very profitable as the markets tend to rebound after a downturn before the real economy does.”

The guide says safe investments such as Government gilts or corporate bond funds provide reasonable returns without exposing the investor to the full risks of equities.

Chief executive David Elms says: “While we are unlikely to experience the problems of 10 years ago, it is worthwhile making an effort to protect yourself should the worst happen, even it just means cutting down on what you spend in the pub.”

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