Financial protection ‘not a concern’ for the young

Young people could be placing themselves at risk of future personal debt by not taking out financial protection.

However, a spokesman from moneysupermarket.com has stated that the issue of cash security is not a concern among the younger generation.

The industry figure was speaking in response to figures recently released by LifeSearch, which revealed the number of youngsters who are purchasing life cover and other similar policies is low.

“The press release said that only three and a half per cent of policies are bought by young people. This doesn’t surprise me,” the expert noted.

He explained that individuals in this age bracket do not really care about protection products at this stage in their lives, but added that more needs to be done to educate adolescents about money matters.

The press release by LifeSearch showed under-25s to be the most financially vulnerable consumers, which continued the trend set in the previous 12 months.

By Joe Shervin