Under-35s 'missing protection milestones' as cost of living bites

Cost-of-living crisis continues taking its toll on financial decisions

clock • 2 min read

Under-35s are not hitting the typical life events that would prompt them to take out protection because of the impact of the cost-of-living crisis, according Vitality.

Research by the insurer predicts this will leave more young people unprotected as a result. Vitality asked people under 35 how the cost-of-living crisis was impacting them. Almost a third (30%) said it has already stopped them from getting on the property ladder, while a further 20% said it will stop them buying a property.  Buying a property is a usual catalyst for taking out protection, including life insurance, critical illness cover or income protection, to ensure the mortgage will still be paid in the event of death or illness. Fewer people getting a foot on the property ladde...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Listen and learn: Protection must change how it communicates

Listen and learn: Protection must change how it communicates

'Maybe it's time we start to make fewer assumptions'

Kevin Carr and Alan Lakey
clock 30 April 2024 • 4 min read
Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva completes £460m acquisition of AIG Life after CMA delay

Aviva completes £460m acquisition of AIG Life after CMA delay

'It's disappointing to lose another protection insurer from the market'

Cameron Roberts
clock 10 April 2024 • 2 min read