Turkey: COVID-19 spurs more people into saving money
Source: Middle East Insurance Review | Dec 2020
Anxiety for the future hovers in the minds of many consumers who have turned to savings and protection products to safeguard against these concerns, according to the findings of a study by AvivaSA.
With the COVID-19 pandemic stoking fears for health and the future, AvivaSA, a subsidiary of Aviva, issued a report entitled ‘Consumer Attitude and Behavioural Changes in the Insurance Sector’. The release was also in conjunction with the World Savings Day on 31 October, according to a report in Insurance Gazette.
The study, in which respondents were aged between the ages of 18-65 and were from various social economic groups, found that whereas the biggest concern prior to the COVID-19 outbreak was household financial difficulty, contracting a dangerous disease ranked as the top concern in the wake of the pandemic.
The findings include:
- 47% of those who do not have life insurance and 40% of those who do not have a private pension plan have considered buying insurance. The impact of the pandemic in shaping these thoughts is very high;
- Awareness of life insurance has increased;
- Among the goals of saving, the aim of being protected against health problems stands out; and
- Although household incomes have fallen, the proportion of those who save is increasing. 60% of individuals are now saving money. M