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Savvy youngsters may realise benefits of life insurance

Date: Thu, 22 Jun 2006

Youngsters are more financially aware that some of their elder counterparts, claims a new study.

Research from Bacs Payment Schemes, who run the UK's direct debit system, concluded that compared with ten years ago the country's 16 to 24-year-olds are far more financially astute so may already be considering the importance of life insurance cover.

"Recently there has been much speculation regarding the lack of financial skills amongst today’s young adults," said Michael Chambers, Bacs managing director.

"Although financial awareness amongst this age group may not be as high as in older adults, consumer payments survey data shows that this is by no means a new phenomenon," he added.

The survey discovered that 87 per cent of youngsters are aware of their current bank balance, with 76 per cent checking their statements thoroughly.

Crucially, more than 50 per cent claimed they are planning for their long term financial future rather than living just for today. This means many youngsters are already aware of the benefits of putting money aside to cover such vital financial products as pensions and life insurance policies.


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