More people aged between 20 and 40 are now interested in life insurance, comparison site comparethemarket.com has said.
The company announced that in the period between March 2010 and January 2011, there was a six per cent increase in searches for life insurance by the under-40s. It said the findings showed that younger people, particularly those aged between 21 and 30, are increasingly engaging with financial matters.
Jeremy Moll, commercial director at comparethemarket.com, said, "This is a definite shift in savings and investment planning. The under-40 age group has a clear interest in saving for the future, particularly retirement as it is acutely aware of how deep and hard the current recession is."
He added, "Also, changes in pension structures and employer contributions mean that younger people have to take more of an interest in what their plans look like and how well they are doing."
The findings follow on from figures recently released by the Office for National Statistics which show that the average retirement age is increasing and is now 62 for women and 64.5 for men. In 2018, the state pension age will increase to 65 for women and will be 66 for both men and women by 2020. It is expected to rise to 68 by 2046.
