Key Findings
A summary of the key findings of the Scottish Provident High Wire Britain research study, carried out through Ipsos MORI*, is shown below.
We hope this provides a useful insight for you. Our literature area will provide you with appropriate sales tools to allow you to discuss some of the issues raised below with your clients.
*Ipsos MORI interviewed a nationally representative sample of 2,024 adults aged 16+ across Great Britain, between 11th and 16th December 2008. Interviews were conducted via an in-home face to face survey.
- Over the next ten years, 64% of 45 – 54 year olds expect their standard of living to decline or stay the same. This is in comparison to 50% of 45 – 54 year olds who believed the same in 2003.
- 60% of people would consult their family when making a decision about their personal finances. 26% of people would use an IFA.
- 23% of people have insurance to cover themselves should an electrical appliance break down compared to 9% who hold an income protection policy and 5% who have unemployment benefit cover.
- Across the board those who hold protection cover for illness/accident/death/unemployment are far more likely to also hold other forms of insurance.
- The most common reason provided for not having cover to provide a lump sum or an income to protect against critical illness, sickness, accident or disability was that it is too expensive. 44% of people surveyed believed this to be the case.
- 58% of people questioned who are in full time employment believe that losing their job is a major concern these days, however only 8% of those in full time employment have unemployment benefit cover.
- Did you know that over the last five years, there has been an increase from 22% to 35% in the number of adults who think the state welfare system in Britain provides an adequate safety net for modern standards of living?
- 64% of those questioned who are currently in employment think that they have less than a 1 in 10 chance of suffering an illness that means they will be off work for 6 months or more during their working life.
- 65% of those questioned would be affected if they or someone in the household contracted a serious illness and were unable to work for more than 6 months.
- 73% of people believe that they have to make their own provisions to ensure their standard of living is maintained if something was to threaten it, such as a serious illness. However only 15% of those questioned currently have a critical illness plan and only 9% have an income protection plan.
- 60% of consumers think that savings are important for a reasonable standard of living. However in reality, how long would those savings last?
- Only 35% of adults surveyed agree that the State Welfare System in Britain provides an adequate safety net for modern standards of living.
- 26% of adults surveyed thought that they or their family had a large amount of savings to fall back on if things went wrong.
- 89% of homeowners surveyed think that owning their own home is important for a reasonable standard of living and out of these 12% believe that it is absolutely critical. However only 20% of those homeowners questioned have a critical illness plan.
- 68% of all those surveyed believe that taking on substantial debt is a natural part of getting on the housing ladder.
- Only 26% of people questioned said they would give up having satellite/cable TV in the household to save money compared to 42% in 2003.