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SINGAPORE –\u00a0Media
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\nOutReach<\/a>\u00a0–\u00a025 November 2021 –\u00a0Etiqa
\nInsurance Singapore<\/a>‘s 2021 Protection Survey Report<\/a>, identifies
\nmillennials as Singapore’s new ‘sandwich generation’.<\/p>\n
\nunderlying survey was conducted in July this year, gathering responses from 815
\nindividuals aged 25 to 40. The study aimed to shed light on millennials’ financial
\ncommitments and considerations when purchasing life insurance. This resulting
\nreport coincides with the first launches of protection products, to be
\nprogressively rolled out over the next 6 months.<\/p>\n
\nthe youngest millennials now members of the workforce, the need for protection
\nis more pressing than ever. Mounting commitments in domestic and professional
\nspheres place millennials under growing financial and emotional pressure to
\nfulfil their duties to family and work. The pandemic has made it even more
\ndifficult to plan for the future \u2013 a position that older generations may not
\nunderstand.<\/p>\n
\nthe foremost sources of financial concern listed by respondents were providing
\nfor their ageing parents financially (48%) and funding their own retirement
\n(60%). Both worries could be linked to the rising costs of living and life
\nexpectancy here.<\/p>\n
\njust a decade from 2010 to 2020, local life expectancy increased from 81.54 to
\n83.90 years. As this figure rises, so lengthens the time millennials need to
\nsupport their parents and eventually themselves in old age.<\/p>\n
\nis symptomatic of hectic modern life, national statistics demonstrate that millennials
\nare putting off getting married and having children to a later age than their
\npredecessors. As millennials juggle responsibilities to younger children and
\nageing parents, the insurer’s challenge lies in providing competitive life
\ninsurance and critical illness coverage tailored to millennials’ emergent
\nneeds.<\/p>\n
\nregard to caring for ageing parents, 4 in 5 worried about affording their
\nhealthcare expenses (82%), and 3 in 5 worried about caregiving costs (60%). Few
\nolder parents may recognise the risk of outliving their savings, or be willing
\nto augment protection in old age due to high cost. Millennials can nonetheless ensure
\nthat their parents will have the funds they need, mishap or otherwise, by
\npurchasing sufficient life insurance coverage for themselves. <\/p>\n
\nthe annual medical inflation rate of 10% provides little comfort to those
\nalready struggling to manage their finances. Accordingly, 1 in 2 millennials
\nconsider their own healthcare expenses (54%) a major source of financial worry,
\nwith almost as many concerned about losing their ability to work due to
\ncritical illness (45%) and subsequently losing their income. <\/p>\n
\nProtection Survey results reveal a picture of millennials at odds with their
\nreputation, perceived by their older counterparts as ill-disciplined, entitled
\nand overly materialistic. Instead, millennials personify a generation under increasing
\npressure in all aspects of life.<\/p>\n
\nTan, Etiqa’s Chief Marketing Officer, shares, “Our findings show that
\nmillennials are unfortunately still misunderstood in Singapore, and their
\nfinancial needs still under-documented. In order to move with the times,
\nfinancial institutions must begin by recognising each generation’s unique and
\ndiverse needs and structure financial planning solutions to meet them. We
\nbelieve that the results of our Protection Survey better position us to provide
\nsuch solutions for our millennial customers, such as through our recent and
\nupcoming protection launches. We look forward to introducing more innovative
\nplans in the near future to cater to millennial lifestyles.”<\/p>\n
\nread the full Protection Survey Report, click here<\/a>.<\/p>\n
\nis accurate as at 24 November 2021.<\/p>\n