Invest
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Invest
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Australians are choosing to maintain life insurance and income protection policies over discretionary spending including gym memberships, holidays and mobile phone upgrades, new research has found.
Australians prioritise life insurance over luxuries amid cost-of-living pressures
Australians are choosing to maintain life insurance and income protection policies over discretionary spending including gym memberships, holidays and mobile phone upgrades, new research has found.

The study commissioned by life insurer NobleOak revealed more than three in four Australians (76 per cent) feel in control of their personal finances, representing an 11 per cent increase from the previous report.
Alongside growing financial security, Australians are reporting their highest happiness levels in almost a decade, with three in four (75 per cent) rating their happiness at seven out of 10.
More than one in five (22 per cent) rated their happiness at nine out of 10.
The ninth annual NobleOak Pulse Report found happiness levels have surpassed pre-pandemic figures for the first time since the research began in 2016.

NobleOak director and chief executive Anthony Brown attributed the improvement to increased financial security and better personal health.
"Life insurance continues to play a growing role for peace of mind, with more Australians recognising its value in providing security for their loved ones," he said.
"According to this year's research, more Australians are taking out or maintaining coverage, even as cost-of-living pressures influence decisions around financial priorities."
Despite the positive trends, the research identified a widening financial security gap among some groups.
Almost one in five Australians (18 per cent) lack $4000 in spare funds for emergencies and feel their financial situation has worsened compared to last year.
Renters reported lower happiness levels than homeowners, with the gap between the groups widening.
Medical professionals felt more financially insecure than tradespeople, at 37 per cent and 23 per cent respectively.
Women reported lower levels of financial confidence compared to men, at 28 per cent versus 20 per cent.
The research found three in five Australians (60 per cent) hold life insurance policies, rising to 63 per cent among millennials aged 30 to 44.
However, more than one in five life insurance policyholders (23 per cent) believe they lack adequate coverage for their needs.
Brown noted Australians were forgoing items some might consider essential to maintain financial security.
"Australians are forgoing what may be considered essentials by some, such as gym memberships, discretionary foods and mobile phones," he said.
"While the majority of Australians feel more financially confident, affordability remains a concern."
He identified lower-income households, renters, and healthcare and education professionals as particularly affected by affordability concerns.
"That's why NobleOak offers award winning affordable life insurance products featuring valuable benefits and flexible cover directly to Australians – so they can protect their families for years to come," Brown said.
The research suggests Australians are prioritising long-term financial security over immediate gratification despite ongoing cost-of-living pressures.

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