Attitudes towards protection and financial advice

6 September 2018

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We asked members of the public to tell us what they really think. Watch the short videos to see what they said.

Some of the questions we asked were:

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What's your life plan?

We asked potential clients what kind of plans they have for their future. Some focus on retirement, others have more short-term goals.

 

Question: What’s Your Life Plan?”

Ben: “Retire as early as I can and work as little as I can.”

Savanna: “So, I’d like to hopefully own a yoga studio one day and maybe have a house.”

Manuel: “I’m just living from day to day at the moment.”

Rachel: “Quite a few people have the goal to like kind of travel as well, like just get to see the world a bit.”

Alexis: “Long lasting acting career that can support me and a future family of four kids.”

Dierdre: “I don’t have a very well construed life plan, which I should have by now but there’s been a few twists and turns, so short term.”

Augusta: “Get married, ideally become a permanent artist full-time.”

Jess: “I would like to be on the stage and I’d like to teach.”

Harry: “Yeah, I’d like to sing and write music.”

Augusta: “Probably move to the Highlands.”

Louise: “To retire comfortably at some point soon.”

Jacob: “Hopefully by eighty be retired.”

 

How financially resilient are you?

We asked members of the public about their finances. Find out whether they are managing their money the way you'd advise them.

 

Question: How Financially Resilient Are You?

Ben: I’ve got a stocks and shares ISA, I’ve also dabbled in cryptocurrency as well.

Manuel: “I like to spend my money.”

Deirdre: “I don’t have enough savings.”

Jo: “ish”

Augusta: Being an artist you have to be pretty careful with your money, otherwise. I do just squirrel it away.”

Rob: “It’s only really a week ago where I actually kind of started up a standing order, which I probably should have done a long long time ago when I started working. But em it’s the way it is.”

Amanda: “I’ve had help in the past definitely from family.”

Manuel: “I am financially independent for the first time in my life since two years now and I’m already like close to thirty.”

Drahja: “I don’t have a partner by now, I don’t know fortunately or unfortunately but, so it’s all on myself for now.”

Manuel: “I do rent um and it’s a shared house.”

Savanna: “I don’t own my own home no, I rent.”

Drahja: “I am currently in a rented apartment.”

Could you cope with the unexpected?

No one expects the worst. How would these people cope with the unexpected?

 

Question: Could You Cope With The Unexpected?

Rob: “I don’t have like much money set aside.”

Jo: “Divorce, that’s happening at the moment. 

Billy: “Obviously when those days come then we’ll be a bit worried but hopefully I’ll have managed to find my own feet by then and to know what I’m doing.”

Rob: “Kind of like just waltzing through life expecting kind of everything to go my way.”

Victoria: “Probably I’d have a little bit of a shortfall.”

Alexis: “I sprained my ankle a couple of years ago and I didn’t realise how like that would impact all the areas of my life.”

Amanda: “I guess I have the insurance of family.”

Augusta: “I could cover myself and I would like to be able to, I don’t want to have to rely on anyone.”

Savanna: “Maybe government funding or something that could you know help you get an income of some sort, either that or just live at my mum’s house and be a bum."

Attitudes towards insurance

Insurance seems to slip down people's priorities rather easily. Find out some of the reasons why.

 

Question: Do You Have Insurance? 

Ben: “No, for example I don’t have contents insurance which is very naughty.”

Victoria: “Other than some savings, no. Oh I think I’ve got something through my work.”

Savanna: “No, which now makes me think that I probably should.”

Amanda: “I’m insured by my employer but other than that (shakes her head to indicate no).”

Augusta: “Just a savings account.”

Jo: “Always on the mortgage obviously the biggest outgoing, um private medical cover with who I work for which is very nice to have.”

Varma: “I do have, hmm no not really. I used to have an insurance, but it was the wrong one. No I don’t have an insurance. So, if something wrong happen I might be in trouble probably.”

Attitudes towards income protection

We asked members of the public whether they have income protection. We found some lack of awareness and understanding. How would you handle that conversation?

 

Question: Do You Have Income Protection?

Rob: “Never really thought of it at all. Yeah it’s not something that has ever really crossed my mind in the slightest.”

Susan: “I pay income protection insurance so yes.”

Deirdre: “I do have some but I’m not…I feel I was somewhat talked into it.”

Victoria: “No I’ve not but I only work part-time.”

Amanda: “No and because admin, I don’t know.”

Susan: “I work for myself I don’t have any employees, so it covers me, it gives me peace of mind.”

Deirdre: “And then maybe I need critical health different, you know there’s this myriad of similar looking products that maybe cover different things.”

Augusta: “Never heard of it.”

Drahja: “So I’ve recently changed job, in my previous job I used to get it from my employer directly.”

Alexis: “No I didn’t, I didn’t even know about that.”

Deirdre: “I have a slight feeling that whatever um cover I have there’ll be a way that it won’t cover the situation I need. I feel a bit cynical about those products to be honest.” 

Attitudes towards financial advice

We asked a number of people whether they had ever spoken with a financial adviser. We found this varied from person to person. Find out what they said about financial advice.

 

Question: Have You Ever Spoken With a Financial Adviser?

Rob: “Em no I haven’t, em ah I think because I haven’t, yeah I don’t I haven’t really no it’s really never crossed my mind, em no.”

Manuel: “I thought about doing that, but I’ve never done it because you know, life is life and you don’t get to do the important things sometimes.”

Jo: “I saw an independent financial advisor and I got the impression that I just wasn’t wealthy enough to have his advice.”

Deirdre: “I think I felt I didn’t have enough money to do that but actually I have been thinking about it now. I’m mid-forties and I know that I don’t have enough for retirement and all that kind of thing. So, I was just in the bank renegotiating my mortgage yesterday. I have a list of things to do but anything to do with finance turns me cold, so I know that I stick my head in the sand.” 

If you're thinking about targeting some new customers, why not take a look at our marketing studio? It holds posters, forms and sales aids that you can personalise with your own logo.  Each containing powerful arguments that can help you make key points either on screen, by email or in print.

OUR MARKETING STUDIO

Last updated: 05 Nov 2018

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