Two-thirds of Australians in Generations X and Y believe obtaining life insurance for financial protection is a top priority, according to a new survey by TAL.
The poll asked participants to rank their top financial priorities, finding that 64% of both Gen X and Gen Y rated life insurance as ‘very’ or ‘quite’ important. The result was slightly lower for Baby Boomers, sitting at 46%.
Life insurance ranked fifth on the list of priorities for all Australians, behind building up savings (96%), spending on leisure (81%), saving for a holiday (78%) and saving for retirement (76%).
The least important priorities were saving for the children’s education (39%) and buying an investment property (37%).
TAL Group CEO, Jim Minto, said that while saving was clearly the top priority, Australians were also adopting a “live for the moment” attitude by aiming to increase leisure spending and holidays above any other tangible financial outlays.
…people acknowledge the reality of needing to create greater personal independency
“These results from our ongoing research into consumer financial behaviour suggest people acknowledge the reality of needing to create greater personal independency by identifying saving and financial protection in the top five of 12 priorities. While doing this, they are clearly dreaming of and planning for the things they want to do while not working,” he said.
“In a way people are escaping from the perceived grind of financial pressure of everyday life, but I am pleased life insurance as a form of protection is high on the agenda of priorities because it means people understand how important it is.”
