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Gen Y insurance coverage increasing as baby boomers slide
The latest research by TAL Australian Financial Protection Index has shown that young and singles are increasingly taking up financial protection despite Australians overall dropping their insurance.
The 2015 index found younger groups were improving their financial protection scores with Gen Y scores increasing from 24.5 to 26.4 since last year. Baby Boomers had a decreased score of 32.6 to 36.9, and the overall national index score dropped from 33.5 to 31.6.
"These younger people entered the workforce at a time when post-GFC worries still permeate our culture," TAL Group CEO, Jim Minto, said.
"They [single person households] may perhaps be increasingly aware that they only have themselves to rely on and losing their job or experiencing injury will have a huge impact on rent, mortgage repayments, and other commitments."
Minto said that the overall national score is quite low reflecting that most people do not have enough insurance to cover their needs.
"The 2015 index tells us that many Australians are either not fully understanding the benefits of life-related insurances or, if they do understand it, aren't taking the next step to get the full amount of protection they need," Minto said.
The index measures perceptions of insurances held and its adequacy with scoring from zero to 100, where 100 indicates households having each of the four forms of life insurance.
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