SINGAPORE - Media
OutReach - 25 November 2021 - Etiqa
Insurance Singapore's 2021 Protection Survey Report, identifies
millennials as Singapore's new 'sandwich generation'.
underlying survey was conducted in July this year, gathering responses from 815
individuals aged 25 to 40. The study aimed to shed light on millennials' financial
commitments and considerations when purchasing life insurance. This resulting
report coincides with the first launches of protection products, to be
progressively rolled out over the next 6 months.
the youngest millennials now members of the workforce, the need for protection
is more pressing than ever. Mounting commitments in domestic and professional
spheres place millennials under growing financial and emotional pressure to
fulfil their duties to family and work. The pandemic has made it even more
difficult to plan for the future – a position that older generations may not
the foremost sources of financial concern listed by respondents were providing
for their ageing parents financially (48%) and funding their own retirement
(60%). Both worries could be linked to the rising costs of living and life
just a decade from 2010 to 2020, local life expectancy increased from 81.54 to
83.90 years. As this figure rises, so lengthens the time millennials need to
support their parents and eventually themselves in old age.
is symptomatic of hectic modern life, national statistics demonstrate that millennials
are putting off getting married and having children to a later age than their
predecessors. As millennials juggle responsibilities to younger children and
ageing parents, the insurer's challenge lies in providing competitive life
insurance and critical illness coverage tailored to millennials' emergent
regard to caring for ageing parents, 4 in 5 worried about affording their
healthcare expenses (82%), and 3 in 5 worried about caregiving costs (60%). Few
older parents may recognise the risk of outliving their savings, or be willing
to augment protection in old age due to high cost. Millennials can nonetheless ensure
that their parents will have the funds they need, mishap or otherwise, by
purchasing sufficient life insurance coverage for themselves.
the annual medical inflation rate of 10% provides little comfort to those
already struggling to manage their finances. Accordingly, 1 in 2 millennials
consider their own healthcare expenses (54%) a major source of financial worry,
with almost as many concerned about losing their ability to work due to
critical illness (45%) and subsequently losing their income.
Protection Survey results reveal a picture of millennials at odds with their
reputation, perceived by their older counterparts as ill-disciplined, entitled
and overly materialistic. Instead, millennials personify a generation under increasing
pressure in all aspects of life.
Tan, Etiqa's Chief Marketing Officer, shares, "Our findings show that
millennials are unfortunately still misunderstood in Singapore, and their
financial needs still under-documented. In order to move with the times,
financial institutions must begin by recognising each generation's unique and
diverse needs and structure financial planning solutions to meet them. We
believe that the results of our Protection Survey better position us to provide
such solutions for our millennial customers, such as through our recent and
upcoming protection launches. We look forward to introducing more innovative
plans in the near future to cater to millennial lifestyles."
read the full Protection Survey Report, click here.
is accurate as at 24 November 2021.