Family Finances Report Summer 2016: Aviva’s latest Family Finances Report is out! As well as providing a financial snapshot of households across the UK, this edition focusses on the spending and saving habits of millennials and the opportunities and challenges associated with the 18-35 demographic.
Some of the findings highlighted in the report include:
- The typical cost of a home has risen by over 9% from summer 2015 and the average mortgage debt is now £66,580. With these higher mortgage debts it is increasingly important to ensure that your clients have adequate protection should the worst happen.
- Over a quarter of millennials (28%) stated that they have never learnt to manage their finances. This is likely to mean that a lot of millennials have no contingency plan should they become unable to work. You can help to educate your clients and establish the best protection solutions for them now and in the future.
- There has been a 7% increase in family spending on holidays and a 9% rise in the amount spent on household goods since 2015. Although state benefits may cover the bare essentials in the event of income loss, it is important to talk to clients about how adequate protection can help to preserve the lifestyle to which they are accustomed.
Family Income and savings are at the highest they have been since Aviva began conducting the in 2010 and with households being in an improved financial situation, there’s no better time to talk to your clients about the peace of mind that protection can offer, be it Life Insurance, Critical Illness cover or Income Protection.
If you have any questions then please speak to your account manager.
Aviva Life Services UK Limited. Registered in England No 2403746. Aviva, Wellington Row, York, YO90 1WR. Authorised and regulated by the Financial Conduct Authority Firm Reference Number 145452. Member of the Association of British Insurers
aviva.co.uk
PT15696 08/2016
Obsolete date: Aug-2017
Campaign: Family Finances
