Young consumers 'need to consider protection earlier'

Three quarters (74%) of independent financial advisers (IFAs) believe that younger consumers are considering protection too late in life, while nearly nine in 10 (87%) agree that income protection (IP) is ‘massively undersold', research by Royal London has found. While this offers opportunity to grow the protection market, one of the main barriers to IP is that it is perceived to be too expensive even though a gym membership is twice the price, it suggested. According to the survey of 205 UK IFAs, two in five (43%) advisers are struggling to attract clients under the age of 35, while ...