Report reveals Australians' financial shift

Report reveals Australians’ financial shift | Insurance Business Australia

Life & Health

Report reveals Australians’ financial shift

Insights reveal changing attitudes and behaviours towards life insurance

Life & Health

By
Roxanne Libatique

NobleOak has unveiled its latest Life Insurance Pulse Report, revealing a notable trend towards financial security among Australians despite prevailing economic uncertainties.

The annual report serves as a barometer to gauge attitudes towards life insurance and financial matters in Australia.

Key findings

According to NobleOak’s report, nearly half (41%) of respondents expressed concern about their current financial situation, with one in four (25%) lacking confidence in their family’s financial security in the event of unforeseen circumstances, particularly among those without life insurance (37% compared to 27%).

Despite a significant portion (35%) feeling less than fully in control of their personal finances, there is a clear desire among Australians to enhance their financial empowerment, with over two-thirds (70%) expressing a wish for greater financial capability.

“The research underpinning the report shows us that Australians have a proactive mindset when it comes to their financial situation, but there is still a pressing need for improved financial literacy,” Brown said.

Brown also noted a positive trend in the report, with an increasing number of life insurance policyholders expressing intentions to renew their coverage, reaching a high of 65% in the current year, up from 47% in 2017.

Growing interest in life insurance

The research indicated a growing prioritisation of life insurance among Australians, with some even willing to adjust their spending habits, such as reducing grocery expenses, to maintain their insurance coverage.

“We want to encourage Australians to think more about their financial situation and life insurance protection,” Brown said.