Average adult will move six times and own seven cars

June 13, 2024
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A study, of 2,000 adults exploring how they think their future will map out, also found they think they will own seven cars and visit 11 different countries in their lifetime. But 59% admit the best laid plans often don’t work out – and believe their aspirations might change through their life.

This is reflected in the 72% who think their spending habits will take a different direction as priorities change. Enjoying nice holidays (50%) and making sure their kids are happy (42%), were the main future priorities for those polled, while one in five said buying a new property was a major driver for them.

The research was commissioned by AXA UK, as part of its ‘Future You Will Thank You’ campaign. Tara Foley, CEO of AXA UK and Ireland, said: “The future holds so many uncertainties that it’s hard to make steadfast plans, and unwelcome surprises can catch us all off guard.

“Making sure you’re protected if the worst should happen offers security and reassurance in a world where nothing can be taken for granted.

“Our research shows that people are thinking seriously about their future, investing money for a rainy day and taking out insurance to protect what matters most.”

The research found despite people’s best efforts, 58% felt they should be doing more to protect their future self. With health and wellness (56%), financial planning (46%) and emergency preparedness (24%) all areas they feel they should focus on more.

It also emerged there is a strong awareness when it comes to future financial plans, with 49% saying they have a blueprint to achieve their long-term goals. Just 9% do not have a plan – and don’t plan to create one in the future.

Compared to previous AXA research in 2022, when it comes to cutting back, eating out and clothes remain the two expenditures people would like to curb. But they are looking to splash out more on holidays since 2022 (36%, up from 27%).

The research, carried out via OnePoll, also found people are continuing to prioritise protecting themselves against unplanned eventualities by taking out insurance.

The average adult spends an estimated £690 on their various insurance policies each year, £129 more than two years ago. This includes cover for car, home, mobile devices, health, travel and other valuable items. Although 43% admitted they opted for the cheapest option when it came to buying insurance – in the hope they never need it.

Car (64%), house (60%) and contents (45%) remain the top three insurance policies people are purchasing to protect themselves from unexpected future events.

Tara Foley added: “As a society, we’ve experienced so many unexpected changes over the past few years and our survey shows people are aware of the need to protect themselves against future risks.

“However, there is a rising desire to enjoy life to the full, with more people wanting to jet off for holidays abroad than when we carried out a similar survey in 2022.”

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