As part of AXA UK’s “Future You Will Thank You” campaign, the insurer commissioned a OnePoll study examining how people in Britain think their life will map out. It found that the average adult anticipates living in six homes across three cities and holding six jobs throughout their lifetime.
The research, involving 2,000 adults, also discovered that individuals expect to own seven cars and travel to 11 countries. Despite their plans, however, 59% of respondents recognise that aspirations often change, with 72% predicting their spending habits will shift as their priorities evolve.
Key future priorities include enjoying holidays (50%) and ensuring their children’s happiness (42%), while 20% are motivated by the prospect of purchasing a new property.
Additionally, the findings revealed that 58% of people feel they should do more to safeguard their future, particularly in health and wellness (56%), financial planning (46%), and emergency preparedness (24%).
A notable awareness regarding future financial planning also came to light, with 49% of participants having a strategy to achieve their long-term goals. Conversely, only 9% lack and do not plan to develop such a blueprint.
Comparing these results with AXA’s 2022 research, the focus on cutting back remains on dining out and clothing. Meanwhile, there is an increased willingness to spend on holidays, rising to 36% from 27% two years ago.
A continued emphasis on protection against unforeseen events through insurance also emerged from the study. On average, adults spend approximately £690 annually on various insurance policies, a £129 increase from 2022. This expenditure includes coverage for cars, homes, mobile devices, health, travel, and other valuables.
Though 43% admitted they choose the cheapest insurance option, hoping they never need it, car (64%), home (60%), and contents (45%) insurance remain the top policies people purchase to mitigate unexpected events.
“The future holds so many uncertainties that it’s hard to make steadfast plans, and unwelcome surprises can catch us all off guard,” AXA UK and Ireland chief executive Tara Foley (pictured) commented. “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. As a society, we’ve experienced many unexpected changes over the past few years, and our survey indicates that people recognise the need to protect themselves against future risks.”
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