Financial protection via life insurance, particularly for generations Y and X, has been revealed as a financial priority for many Australians.
The research, which was conducted for Australia’s largest life insurance company TAL, saw over 1,200 Australian’s polled about their financial goals.
Savings was discovered to be the top priority for all key demographic groups, with 96% of all participants saying it was one of the most important.
The next top financial priority however was increasing funds available to spend on leisure activities such as dining out, even for those who are not currently working.
But TAL Group CEO Jim Minto said it was pleasing to see that financial protection via life insurance was also high on the list, especially for generations Y and X at 64%.
“These results from our ongoing research into consumer financial behaviour suggest people acknowledge the reality of needing to create greater personal independency by identifying saving and financial protection in the top five of 12 priorities,” he said. “While doing this, they are clearly dreaming of and planning for the things they want to do while not working.”
Also encouraging was the fact that saving for retirement was another high priority, with 76% of all ages saying it was very or quite important.
Minto said that domestic budget pressures and those of the wider economy are clearly playing on people’s minds.