Cost.co.uk Respond to Report about Approach to Insurance by Younger People

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Leading comparison site, cost.co.uk, has responded to a new research about the younger generation’s approach to insurance.

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Insurance needn’t be as expensive as you think, and people of all ages can save money by comparing insurance deals online and working out which is the best policy for them.

A new report has revealed that insurance is not a priority for younger people, with just 6% considering buying insurance as an immediate priority.

The Generation Now report carried out by Bright Grey revealed that while 16% of respondents said they understand the importance of insurance, they cannot afford it.

25% of 25-40 year olds were ‘living for the day’, with a third saying they were living hand-to-mouth each month and not saving. For 43% of respondents, the main priority of their age group was keeping up with mortgage payments or rent.

A spokesperson for Cost.co.uk said:

“This report highlights that surprisingly, the younger generation doesn’t see the importance of home insurance and other expenses, preferring to think nothing will happen to them. The sad truth is that we can’t predict if we’ll be a victim of theft or burgluary, or if we’ll come home to find a burst pipe has ruined our belongings. Similarly, nobody can predict ill health or any unexpected event that causes us expense. With many younger people living for the day, this could mean they’ll find themselves in debt if they face an unplanned payment.

“Insurance needn’t be as expensive as you think, and people of all ages can save money by comparing insurance deals online and working out which is the best policy for them. It is far better to be safe than sorry.”

Based in Essex, Cost.co.uk is one of the UK’s leading price comparison sites, allowing their online customers to seek out great deals and offers for buildings and contents insurance, car insurance, credit cards, holidays and more. Founded in 2012, the agency has a trusted reputation for sourcing the most ideal policies at affordable prices.

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Ben Austin
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