Nearly half of the people surveyed (48%) say they don’t think their financial stability is their responsibility and it should lie with someone else. While 33% believe it should be the State, 9% believe their family should take on the responsibility while 6% believe their current employer should shoulder the duty of care.
This reliance on the State is higher in the UK than any other country surveyed except France (36%) and Argentina (34%).
In the survey of 1,000 people in the UK, HSBC found that the biggest concern for nearly a quarter (24%) was their long-term financial security. However, 51% said that they could not manage well financially or don’t have any specific plans in place if something unforeseen were to happen to them.
Of those who are considering taking out protection for their future, 54% have yet to do so citing cost related issues as the main barrier - they either expect or know it to be too expensive. Other reasons for not taking out insurance include a lack of understanding about how to go about it or concerns about the policy (22%).
Mark Hussein, HSBC UK CEO of Insurance, said:
“It is the most natural thing in the world to want to make sure that you and your family are protected for the future should anything happen to you.
“By taking some simple steps now you can ensure you are better prepared for the future and able to provide for the people who are important to you, whatever the future may hold.”
