28 Jan 2020
Coping, recuperating, evolving – Brits live nine financial lives
- Average Brit will live through nine major chapters in life, driven by serious ill health, the birth of a child, redundancy and divorce
- Big life changes leading to financial instability for half of Brits
- But many aren’t taking steps to protect themselves or their loved ones in the face of life’s twists and turns
The rollercoaster of modern life means that UK adults will live through nine chapters of life, bringing with it financial instability and concerns about the future, new research from leading life insurance broker LifeSearch shows.
The average Brit will reinvent themselves nine times over the course of their adult lives, expecting at least eight life-changing events. These include two periods of serious ill health, two career changes, the birth of a child, a divorce, a redundancy and even the death of a partner.1
And it’s looking like it will have more twists and turns than ever for younger people: one in four millennials or gen z’ers have already been made redundant, one in three have changed careers, and one in four have been through a divorce.
And it seems that these major upheavals are taking a toll on people’s finances; over half say they’ve been through more financial instability than they expected and worry about their family’s finances if something happens to them.
Despite this, Brits still aren’t taking the necessary steps to protect the life they love. Six in 10 people haven’t got any protection such as life or income protection.2 And despite the number of female breadwinners up 30% in the last five years3, one in five women still leave all financial planning to their partner.
In the face of modern life’s many complications and unknowns, the experts at LifeSearch are advising people on how to protect their futures.
LifeSearch’s life insurance expert Emma Walker comments: “When we stop and take a look at how many changes we’ll encounter in 21st century life, it’s hard not to feel somewhat apprehensive about some of the hardships to come. The fact is, we all spend time building lives for ourselves and hoping for the best, but unfortunately, we also need to plan for the worst. Like cats, many of us now have nine lives, but unlike cats, sometimes we don’t land on our feet.
“And while we can’t plan for everything life will throw at us, there are safeguards such as life insurance, income protection or critical illness cover, to protect us and our families if the worst should happen. At LifeSearch you can give us a call and we can chat through your options to protect your life – all nine of them.”
Find out more on our website.
Notes to editors
Research was conducted by CensusWide on behalf of LifeSearch. This was an online poll of 2,002 adults aged 18+ and a nationally representative spread. The research was conducted in December 2019.
1. Brits expect to live through an average of two periods of serious ill health for themselves or a family member, one death of a partner, one divorce, a redundancy, two career changes and the birth of a child
2. 60% of UK adults have no protection products, according to Opinium research conducted for LifeSearch in September 2019
3. LifeSearch health, Wealth and Happiness Report, October 2019
For media comment, case studies and interviews please contact
Briony Fitzgerald: 07719 953 472
Liam Reeves: 020 3668 6904
More reason to hug a single this Valentine's
13 Feb 2020