Millennials' View on Insurance and Finance
Delivered October 30, 2019. Contributor: Alexandra Y.
Goals
The goal is to find out what Millennials' perception is of finance and insurance.
Early Findings
- Just 10% of Millennials have enough life insurance coverage to take care of their loved ones' needs when they die, and 75% of Millennial parents do not have life insurance at all.
- Millennials know about life insurance, but it is not a high priority in comparison to student loan debt, daily life expenses, traveling, and even luxury purchases.
- Other reasons that Millennials don't purchase life insurance include impatience with the intrusive sign-up process, false sense of security due to their age, and undervaluing the usefulness of life insurance.
- 16% of Millennials do not have health insurance, compared to 12% of Gen X and 8% of Baby Boomers.
- 60% of uninsured Millennials say it is too expensive.
- One survey showed that 50% of Millennials have no idea if their credit score is good or bad, 76% considered themselves well-acquainted with their finances, and 2 out of 3 have at least one credit card.
Proposed next steps:
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