Britain is a nation of hoarders with singletons particularly guilty of having more clothes than they need, research has revealed.

A study by Barclays bank has shown that single people are undervaluing the contents of their wardrobes.

Despite spending on average more than £600 a year on clothes and only throwing out around five per cent, most value their entire ensemble at less than £1,000.

"The image conscious singleton may want to spare a thought to doing some long term financial planning, to protect their prized fashion investments and to regularly check if all their goodies are still insured," said Adrian Grace, managing director of Barclays insurance services.

Undervaluing the contents of your wardrobe could be a costly mistake when it comes to claiming for damages on a home insurance policy.