POWERED BY MOMENTUM MEDIA
Life insurance low on priorities list
Australians across all age brackets would prefer to spend a pay rise on dining out more often than life insurance, a TAL survey shows.
While more than 50 per cent in each age range said they would use the money to build up savings, less than 10 per cent across the age spectrum said they would use the money to buy life insurance or increase their cover level, according to the snapshot.
"This survey reveals the very low priority people place in thinking about using extra income to ensure they have adequate financial protection. It is a massive challenge but we need to change this mindset," TAL Group CEO Jim Minto said.
However, Minto said it was encouraging that most Australians would use the pay increase to "deleverage".
"The global financial crisis marked a turning point in consumer attitudes towards savings and debt, and deleveraging became an important priority. What we are seeing from this research is that this trend continues."
The research showed 59 per cent would try to build up savings, 38 per cent would put the money into their mortgage, 30 per cent would pay off their credit card or personal loan and 28 per cent would use it for bills.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
