"Our research shows that people are thinking seriously about their future, investing money for a rainy day and taking out insurance to protect what matters most."
- Tara Foley, CEO at AXA UK
Of those surveyed (2,000), as part of AXA UK’s ‘Future You Will Thank You’ campaign, 59% recognise that even the best-laid plans often don’t work out and their aspirations might change throughout their lifetime. Notably, 72% think their spending habits will take a different direction as priorities change, while 58% feel they should be doing more to protect their future.
56% believe they should be doing more to protect their health & wellness, followed by financial planning (46%), and emergency preparedness (24%). However, AXA found that there’s strong awareness when it comes to future finances, with 49% of those surveyed noting that they have a blueprint to achieve their long-term goals. Only 9% don’t have a blueprint and don’t intend to create a plan in the future.
“The future holds so many uncertainties that it’s hard to make steadfast plans, and unwelcome surprises can catch us all off guard. Making sure you’re protected if the worst should happen offers security and reassurance in a world where nothing can be taken for granted,” explained Tara Foley, CEO at AXA UK.
She said: “Our research shows that people are thinking seriously about their future, investing money for a rainy day and taking out insurance to protect what matters most. As a society, we’ve experienced so many unexpected changes over the past few years and our survey shows people are aware of the need to protect themselves against future risks.
“However, there is a rising desire to enjoy life to the full, with more people wanting to jet off for holidays abroad than when we carried out a similar survey in 2022,” Tara concluded.
READ MORE: AXA's The Priority Report 2022
In 2022, AXA’s ‘The Priority Report’ found that 20% of adults in the UK planned to spend more on insurance in the next twelve months. Notably, this was the third highest increase in priorities with only eating out (31%) and holidays/travel (27%) sitting higher than insurance.
Those aged 18-24 were most likely to spend more on insurance (35%) in 2022. This was followed by those aged 65+ (27%), 25-34 (18%), 55-65 (18%), 35-44 (17%), and 45-54 (11%).
“The report highlights that while those who understand insurance value it in these uncertain times, there is still more to be done to educate those who don’t to help them recognise the importance of getting the right protection,” said Claudio Gienal, former CEO & current Chief Transformation Officer at AXA.
