Survey reveals when consumers begin to plan long term
The average age at which consumers begin to plan financially for the long term is 28, according to research published today by life office Bright Grey.
The provider’s Financial Safety Net report – which polled almost 1,500 British adults aged 35 and over – shows that 28 was the average age at which respondents began to think about long-term financial provisions such as taking out a pension or saving in order to purchase property.
However, 5% of those surveyed said they did not believe they needed to plan financially for the long term at all.
Roger Edwards, managing director at Bright Grey, said that 28 is around the age that many people take key lifestyle choices such as buying a first property, getting married or having a child.
He said: "With these changes can come responsibility, and this means waking up to the very real need to have finances in order.”
The research follows July’s Protection Review conference, where one of the issues under discussion was how protection advisers could place more emphasis on family as a reason for consumers to proactively buy protection products rather than being 'sold' them.
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