Research from The Exeter has revealed how confident UK adults are that their families or dependants would be financially secure if the unexpected happened.
The findings from 2,000 UK consumers revealed that nearly a quarter (23%) aren’t confident at all that their loved ones would cope if they could no longer provide financial support.
More than a third (35%) believed their family could “manage for a while”, while just 22% felt “very confident” their family would be fully protected.
The data also highlighted differing levels of confidence across age and gender.
Those aged 45 to 54 were among the least confident, with a third (33%) saying their family would not cope financially if something happened to them.
Just one in 10 felt very confident that their loved ones would be secure.
By contrast, three-quarters (75%) of 25 to 34-year-olds said they are confident their dependants would be protected, making them the most assured age group.
Gender showed a similar gap. While two-thirds of men (67%) said they feel confident their family would be secure, less than half of women (49%) feel the same.
Women were also nearly twice as likely as men to say they are “not at all confident” and would be in serious financial difficulty (9% vs. 5%).
Employment status also influenced confidence levels.
Employees of larger companies with more than 250 employees were the most secure, with over two-thirds (67%) saying they feel confident their family would cope.
In contrast, just under half (46%) of those working for small businesses with less than fifty employees felt the same, putting them among the least confident groups.
Jack Southcott, head of protection proposition at The Exeter, said: “With only 22% of UK adults saying they are very confident in their family’s ability to be financially secure if the unexpected happened, it’s clear that many households would struggle to cope longer-term.
“Increasing consumer awareness of the valuable safety net provided by protection insurance products is essential in improving the financial resilience of UK households.
“Products such as life insurance can provide greater reassurance for individuals and their loved ones if the worst happens.
“It’s also important that consumers consider speaking to their adviser about putting a policy in trust or nominating beneficiaries to ensure any benefit paid goes to the right people without delay.”
