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 31 October which was World Savings Day, 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.
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Awareness of life insurance has increased.
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Among the goals of saving, the aim of being protected against health problems stands out.
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Although household incomes have fallen, the proportion of those who save is increasing. 60% of individuals are now saving money.