AXA UK plc

06/12/2024 | Press release | Distributed by Public on 06/13/2024 03:18

AXA survey shows more than 50% of UK adults think they need to do more to protect their future

  • New AXA research into how people think their life will map out found 58% think they should do more to protect their future self
  • Having nice holidays and making sure their kids are happy are amongst the top future priorities
  • Health and wellness, financial planning and emergency preparedness are the areas people think they should focus on more

The average adult expects to live in six homes in three different cities and work six jobs over the course of their lifetime, research has revealed.<_o3a_p>

A study of 2,000 adults exploring how they think their future will map out also found they think they will own seven cars and visit 11 different countries in their lifetime.<_o3a_p>

But 59 per cent admit the best laid plans often don't work out and believe their aspirations might change through their life. This is reflected in the 72 per cent who think their spending habits will take a different direction as priorities change.<_o3a_p>

Enjoying nice holidays (50 per cent) and making sure their kids are happy (42 per cent) were the main future priorities for those quizzed, while one in five said buying a new property was a major driver for them. <_o3a_p>

The research was commissioned by AXA UK as part of its 'Future You Will Thank You' campaign. It found that despite people's best efforts, 58 per cent felt they should be doing more to protect their future self, with health and wellness (56 per cent), financial planning (46 per cent) and emergency preparedness (24 per cent) all areas they feel they should focus on more.<_o3a_p>

It also emerged there is a strong awareness when it comes to future financial plans, with 49 per cent saying they have a blueprint to achieve their long-term goals. Just nine per cent do not have one and don't plan to create one 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.<_o3a_p>

Making sure you're protected if the worst should happen offers security and reassurance in a world where nothing can be taken for granted.<_o3a_p>

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

Compared to previous AXA research in 2022, when it comes to cutting back, eating out and clothes remain the two expenditures people would like to curb. But they are looking to splash out more on holidays since 2022 (36 per cent, up from 27 per cent). <_o3a_p>

The research, carried out via OnePoll, also found people are continuing to prioritise protecting themselves against unplanned eventualities by taking out insurance. <_o3a_p>

The average adult spends an estimated £690 on their various insurance policies each year, £129 more than two years ago. This includes cover for car, home, mobile devices, health, travel and other valuable items.<_o3a_p>

Although 43 per cent admitted they opted for the cheapest option when it came to buying insurance - in the hope they never need it. <_o3a_p>

Car (64 per cent), home (60 per cent) and contents (45 per cent) remain the top three insurance policies people are purchasing to protect themselves from unexpected future events.

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. <_o3a_p>

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 Foley

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

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