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The ABI and Money Advice Service raise consumer awareness of the need to safeguard finances

The Money Advice Service (MAS) and the ABI have launched a new campaign to raise consumer understanding of the importance of safeguarding finances by either saving or considering relevant protection insurances.

As part of the campaign, research was conducted by the Money Advice Service highlighting that almost one third (32 per cent) of UK adults have had a serious financial shock in the past five years, yet just a third (35 per cent) had insurance in place to guard against it.

Both the Money Advice Service and ABI will build on their wider industry expertise to identify the barriers and triggers to saving and the consideration of protection insurance. This will enable the organisations to develop initiatives to improve the financial capability and stability of Britons by encouraging them to plan ahead for the unexpected by either saving or considering protection insurance.  

During September, the Money Advice Service and ABI will be running an awareness raising campaign. The campaign will encourage people to think about who and what they want to protect, break down barriers associated with saving or taking out protection insurance and, ultimately, drive conversation around the importance of ensuring family and finances are safeguarded should an unexpected event occur. 

As part of the campaign, the Money Advice Service refreshed their savings and protection insurance content to give consumers information and guidance on the most appropriate way to secure their financial future. Money Advice Service also collaborated with the ABI on new consumer research, a round table discussion with media outlets to talk about barriers to planning ahead and the best way to get messages about safeguarding finances across to consumers as well as PR and social media activity to educate consumers.

Commenting on today’s news, Caroline Rookes, Chief Executive of the Money Advice Service said: 

“This campaign and the consumer research generated has helped us to get people talking about planning ahead for unexpected events, encouraging them to think about safeguarding themselves financially whether saving or considering protection insurances. Our work with the ABI has given us a better understanding of consumers’ attitudes to protection insurances and this is a great example of working in partnership to raise awareness and educate consumers about important issues.”

Louise Hanson, Director of Advocacy at the Association of British Insurers said:Louise Hanson 

“Every day protection insurance pays on average £9.4m to more than 350 individuals or families to help them cope with financial strains and worries that can be caused by a life changing event. However, many families still have no real financial safety net. The ABI and its members have joined with MAS to encourage people to think about their financial security and how they will cope through the loss of a loved one or being unable to work due to illness.”


ENDS


Last updated 01/07/2016