Saving will see me through…

New research shows just under three quarters of people describe themselves as “in control” financially, but worry about money and health issues according to Protection Review’s The Syndicate. Confidence in protection insurance as a support mechanism is high but people are more likely to depend on their partner and savings. The public has low expectations that insurers will pay claims, but strongly believe they should – sometimes even in the event of non-disclosure and they also acknowledge the need for higher premiums for those with habits affecting their health

The 2018 report from The Syndicate, the research arm of Protection Review, has found that most people feel confident in managing their finances. 45% of the sample said they took an interest in their finances, didn’t postpone financial decisions and didn’t find financial matters confusing. 68% said they were good at managing their money with 71% of the sample describing themselves as “in control” of their finances.

Questions on the financial situation of households provided insights into how comfortable people feel about their current financial situation. Having been presented with many options ranging from macro to micro concerns, the results showed that “Having enough money” and “My health” were selected by 45% of the sample and were significantly more popular as choices than the other options presented, with Terrorism and Brexit at 33%. The research identified that people’s two main concerns for the future were their health and having sufficient money. The most likely coping mechanism should the worst happen was to ask a partner or family for support. Despite this, 64% of the sample admitted that they would be uncomfortable asking anyone for financial support and 54% suggested that they would try and seek support from other means first to avoid asking for help.

When asked how confident they were that their savings would support them for longer than 6 months in the event of a loss of income due to illness or accident, 68% of the sample expressed confidence in their savings, compared to 88% believing that insurance would offer support if needed. Insurance was the highest scoring support mechanism with the State scoring 79%.