“Facebook generation” shares love, life & money
24 March 2010
Nine out of ten young Brits in a relationship know exactly how much their partner earns.
Similarly, three quarters have no qualms in sharing the value of their life savings.
Research from Tesco Bank reveals the “Facebook generation” of 21-35 year olds is breaking down old conventions when it comes to money.
It’s hardly surprising that a group of people used to sharing their every thought and movement online are more than happy to talk intimately about the state of their finances. Encouragingly, 80 per cent of couples regularly discuss money management.
This openness and willingness to communicate has to be viewed positively, especially as 21-35 year olds face up to the toughest economic climate in decades.
However, the poll amongst young adults in a relationship clearly shows that whilst it’s good to talk, there remains a worrying lack of awareness in relation to life and death financial decisions.
Few of us want to think of our own mortality or consider what will happen to our finances when we die, with only one in five of 21 to 35 year olds having arranged a will.
Life insurance remains irrelevant to most 21 to 25 year olds - three quarters have. Although more worryingly, half of 31 to 35 year olds also have no cover, despite this age group being far more likely to have a mortgage and dependents to consider.
However, the research reveals even the youngest adults have a clear sense of who they wish to benefit financially when they pass away. The majority (55 per cent), regardless of marriage, are keen for their partner to receive whatever assets they leave behind ahead of any children (26 per cent), parents (16 per cent) or siblings (11 per cent) that may exist.
Jeremy Sutton, Head of Savings & Investments at Tesco Bank, said,
“Unlike previous generations, it’s encouraging to see young couples discussing money matters.
“Long term financial planning has never been more important. It is vital young people have the right information to help them make the best provisions for a happy future together.”
“It’s human nature to feel like you have a lifetime to prepare for your death; especially at such a young age. But in reality it’s never too early to consider all your financial options including savings and life insurance as well as making a will.”
Despite thinking about leaving a legacy, proof that death does not become this age group is fact that just one in five (21 per cent) 21-35 year olds is currently in a position to ensure exactly who will benefit from their estate with a valid will.
Research carried out by 72 Point Ltd, on behalf of Tesco Bank. Total sample size was 1,000 adults. Fieldwork was undertaken between 16th and 17th February 2010. The survey was carried out online. The figures have been weighted and are representative of GB adults (aged 21-35).
Tesco Life Insurance offers a quick and straightforward application process and customers can get a quote by answering just ten questions and can get cover in 20 minutes by phone or online.
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