The study of 2,000 UK consumers highlights stark differences across age, gender and employment status:
• Age gap – Those aged 45–54 are the least confident, with a third (33%) saying their family wouldn’t cope financially. In contrast, three-quarters (75%) of 25–34-year-olds say they’re confident their loved ones would be protected
• Gender divide – Two-thirds of men (67%) are confident their family would be secure, compared to under half of women (49%). Women are nearly twice as likely as men to say they’d face serious financial difficulty (9% vs. 5%)
• Workplace impact – Employees at large companies (250+ staff) feel most secure (67%), while fewer than half (46%) at small businesses share the same confidence
UK health and life insurer The Exeter has released new research showing how confident UK adults are that that their families or dependants would be financially secure if the unexpected happened.
Family financial security a concern for many
The findings from 2,000 UK consumers reveal 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%) believe their family could “manage for a while”, while just 22% feel “very confident” their family would be fully protected.
Confidence gaps across age, gender and employment
The data also highlights differing levels of confidence across age and gender. Those aged 45–54, are among the least confident, with a third (33%) saying their family would not cope financially if something happened to them. Just one in ten feel very confident that their loved ones would be secure. By contrast, three-quarters (75%) of 25–34-year-olds say they are confident their dependants would be protected, making them the most assured age group.
Gender shows a similar gap. While two-thirds of men (67%) say they feel confident their family would be secure, less than half of women (49%) feel the same. Women are 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 influences confidence levels. Employees of larger companies with more than 250 employees are 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 feel the same, putting them among the least confident groups.
Jack Southcott, Head of Protection Proposition at The Exeter, commented: “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.”
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