NobleOak launches report that finds despite downturn, Australians are favouring financial protection

Direct Australian life insurer, NobleOak, has launched the latest edition of its annual NobleOak Life Insurance Pulse Report that finds despite the downturn, Australians are favouring financial protection.

The aim of the annual report is to pulse the sentiment of the country with the aim of uncovering Australians’ attitudes and approaches towards life insurance and their current financial situations.

Now in its eighth year, the 2024 edition of the report looks at the current financial realities experienced by many Australians to provide insights around the evolving landscape of their financial perceptions, behaviours, and priorities.

NobleOak Director & Chief Executive Officer, Anthony Brown said the report reflects NobleOak’s ongoing commitment to educating consumers on life insurance whilst contributing valuable insights for the betterment of customers and the broader Australian community.

“At NobleOak, we recognise that a deep understanding of the financial landscape is essential for meeting and exceeding the evolving needs of Australians. This helps inform and shape NobleOak’s ongoing support for our customers.”

The research^[1] found close to half (41%) feel concerned about their current financial situation. 1 in 4 (25%) of Australians surveyed do not feel confident that if something happened to them, their family would be looked after financially. This figure is highest amongst those without life insurance – 37% compared to 27%.

While over a third (35%) don’t feel in full control of their personal finances, the research suggests Australians would like to become more empowered, with over two thirds (70%) of those surveyed saying they wish they could do more.

“The research underpinning the report shows us that Australians have a proactive mindset when it comes to their financial situation, but there is still a pressing need for improved financial literacy.”

“On a positive note, more people who currently hold life insurance are planning to renew this year than ever before. This is a trend which goes back to 2017, when 47% of Australians mentioned they planned to renew, increasing every year to the current 65%.”

For those with life insurance, the research found that people are prioritising life insurance more than ever before, even being prepared to reduce their grocery bill to hold onto their insurance.

“We want to encourage Australians to think more about their financial situation and life insurance protection, and this only fuels our commitment to ensuring all Australians can face the future with greater confidence and security.”

Read the report.