More than half of Australian workers are worried about having enough money to pay bills following a sudden income loss, but few have taken steps to determine their income protection needs, according to a global research study.
The study, conducted by MetLife, looked at global trends in workplace-provided benefits, including retirement, health coverage, disability and life insurance. Its aim was to provide insight into the financial concerns, needs, habits and expectations of employees in each of the five countries surveyed (Australia, Brazil, India, Mexico and the UK).
In Australia, 52% of those surveyed said their top financial concern was having enough money to pay bills during sudden income loss. This figure rose to almost two-thirds for those aged between 41 and 50.
In contrast, only 41% said they had taken steps to determine their household’s level of income protection needs.
47% of those surveyed with children listed premature death as a top financial concern
The survey also found that fewer than half had researched their household’s life insurance needs, although 47% of those surveyed with children listed premature death as a top financial concern.
Other key findings include:
- Over 25% said they live pay packet to pay packet, or have some difficulty paying bills
- Almost all Australians admitted to having some form of debt
“Australians look to their chosen superannuation fund and their employers when they consider their personal insurance and financial protection needs,” said Eric Reisenwitz, Chief Marketing and Distribution Officer, MetLife Australia. “With both the economy and the labour market heating up, there is a real opportunity to explore innovation in benefits packages, including flexible retirement solutions.”
The MetLife International Employee Benefits Trends Study was conducted between November 2010 and February 2011. It is the second year the insurer has conducted the survey.
