"Many under-35s are navigating some of life’s biggest financial commitments without knowing what protection is available to them, let alone having it in place."
- Debbie Kennedy, CEO of LifeSearch
Of those surveyed (1,269 homeowners), only 15% of those aged 18-34 say they ‘know a lot’ about Income Protection (IP); 54% of this age group reportedly have life cover.
Nearly a third (30%) of young mortgage holders haven’t purchased any protection insurance products. Yet, 14% of 18-34-year-olds would immediately struggle to meet their mortgage payments if they were unable to work due to ill-health or injury. Over half (57%) said they would be in difficulty within six months.
When asked how they would cope with a sudden loss of income, 29% said they would try to take on extra work, followed by cutting savings or pension contributions (23%), government support such as Universal Credit (21%), and considering a bank loan (12%).
“This is a generation full of ambition, but without the guidance and support to match. Many under-35s are navigating some of life’s biggest financial commitments without knowing what protection is available to them, let alone having it in place,” explained Debbie Kennedy, CEO of LifeSearch.
She said: “IP isn’t just for older workers or high earners – it’s for anyone who depends on a regular income to cover essential costs. Without it, the impact of a sudden illness or accident could be significantly more concerning.
“There’s an urgent need to close this awareness gap. That means clearer advice, better signposting, and conversation about protection starting earlier – so that young homeowners aren’t left exposed.”
Paula Higgins, CEO of HomeOwners Alliance, added: “Buying a home is a proud moment, but it comes with risks. For young homeowners, the stakes are high. Many have stretched to afford their property, and their financial resilience is often still being built.
“We need to do more to support young people in staying financially secure, especially as they take on the long-term responsibility of a mortgage. Ensuring they have the tools, knowledge, and support to weather life’s ups and downs is essential to helping them hold onto their homes and build a stable future.”
