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

  • 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

Paul Yates is product strategy director at iPipeline

Protection: Why is service still such a problem?

'Too often across financial services, firms are falling short'

Paul Yates
clock 24 November 2023 • 4 min read
Cost of living pressures fail to entice advisers toward protection work

Cost of living pressures fail to entice advisers toward protection work

Latest findings from Professional Adviser’s weekly PA Asks survey

Hope Coumbe
clock 15 November 2023 • 1 min read
Hybrid advice providers lack focus on protection and savings

Hybrid advice providers lack focus on protection and savings

No single provider offers the full hybrid advice journey

Isabel Baxter
clock 16 October 2023 • 1 min read