Life Insurance purchase the sign of becoming an adult
According to a recent survey carried out by Skipton Building Society, one of the biggest signs of finally reaching adulthood was buying a life insurance policy.
Whilst the world has evolved over the last 50 years, so has the age at which we become adults, and with people spending longer taking gap years, staying in education and not moving out of their parents homes, it’s taking longer and longer for people to consider themselves, and to be considered as adults by other people.
Skipton asked its customers to rank the 50 key indicators of being a grown up and buying a life insurance policy appeared in the top ten.
According to the survey’s results, the economy was to blame for more and more younger people finding this difficult to achieve, despite the obvious price benefits in the long run of buying a life insurance policy at such a young age.
Skipton revealed that half of the people they surveyed didn’t think young people could become totally financially independent until they reached their late twenties, and given the number of people still living at home this is unsurprising.
With more and more people unable to afford to move out, with a combination of high rental prices and the need for a huge house deposit, it’s no surprise that people are taking longer and longer to become financially independent.
The other indicators of becoming an adult included buying a house, which given the huge deposit required is hardly a surprise. Paying into a pension, recycling, watching the news and even cooking their own evening meals were also seen as key indicators that someone has become an adult.
Head of corporate communications for Skipton Building Society, Tracy Fletcher, says: “These findings are a stark reflection of contemporary Britain and the impact the aftermath of the global financial crisis is having on our most basic expectations.
“However, there are some encouraging signals in our research, including the increased emphasis on financial awareness and capability, as people recognise that things like, completing a will and saving are vital stepping stones to a more prosperous and independent future.”