Life Insurance Without Life Value: Why Young People Are Snubbing Financial Advice

This article is written by a 27 year old female (borderline Generation X / Y) called Rachel. Rachel spent six years at university, has no outstanding debts with the exception of government student loans. Rachel also has no pension plan, no life insurance, savings or property investment. Despite reports of average starting salaries for graduates beginning at £18,000, some even at £25,000, Rachel started on £14,000 three years ago, despite gaining a First Class Honours and offering extensive work experience.

This isn't therapy through Microsoft Word, but it's not uncommon to read reports of "apathetic youth" in the media. For driven young graduates who didn't quite land where they expected ? it is a little frustrating to be branded "ignorant", when it is already difficult working off university debts and fighting your way onto the career ladder in a very competitive market.

What is the point of having independence in old age, if you cannot experience it in youth? That is not to say young people should be encouraged or supported in their debateable extravagance, only that we remain unconvinced by old age. We may have seen our parents lose money in shares or private pension funds, or get divorced and lose money through property. We may be worried about global warming and in an age of suicide bombers, we may not even be confident about how much control we have on our lives anyway. With so much choice on what we can do, but so few people empowering us with confidence, we may well rebel for years to come ? chopping and changing until we find something that fits or until we get tired.

It's too easy to brand young people as apathetic just because they haven't got pensions or life insurance. Smug thirty-somethings who received full grants, graduated in a less competitive market and bought property when the house market was low are quite happy to "tut tut" at their twenty-something shadows in their lack of financially savvy experience, but today's twenty somethings are being squeezed from all angles:

* Student loans replace university grants
* Commercialisation of university life, with banks and credit card companies actively courting student customers
* High property prices
* Very competitive job market

What we need are comprehensive financial research sites that provide information which directly relates to our circumstances. Websites such as moneynet ( http://www.moneynet.co.uk ) with their product price comparisons and finance guides (especially the student finance guide) ?do go most of the way, but we want something that also takes into account our aspirations, situations and will go the distance. We're not adverse to pensions, life insurance and mortgages, but if we're going to splash out lots of dough, it has to be a reasonably reliable investment and we remain unconvinced from we've seen so far in provocative, panic-stirring media.

It's true that products such as life insurance would at least protect our families from our debts and that's important, but with regard to pension, who's to say that in our old age, we may not revert back to student lifestyles ? living in communities and on budgets.

Resources:

Google and the search command "define: generation X" or define: generation y" for age reference

http://www.abi.org.uk/Display/File/Child/237/June_2004.pdf (The source of inspiration for this article!)

About Rachel:

As well as the information in the article, Rachel writes for the personal finance blog Cashzilla. Please feel welcome to comment on any of the article, Cashzilla may bite, but Rachel doesn't!

Web: http://www.cashzilla.co.uk

E-mail: rachel@positiveinterest.com

---

Why Bother With Farmers Auto Insurance?

Farmers auto insurance is a very large insurance company that... Read More

Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!

With Nursing home Cost's running $4,000 to $6,000 a month... Read More

Canadian Funeral Insurance: Our Final Gift to Those We Love

Most of us don't like thinking about our own funerals,... Read More

Choosing Affordable Health Insurance For Children

In most cases, private health insurance comes through a person's... Read More

What Is Homeowners Insurance Coverage?

Before attempting to find the best homeowners insurance coverage you... Read More

Cheap Car Insurance ? 7 Tips To Reduce Your Car Insurance Costs

With the cost of car insurance becoming more and more... Read More

If You Rent A Home, Protect It By Buying Renters Insurance

Renters insurance is often overlooked by people who are renting... Read More

Health Insurance Options for Entrepreneurs

One of the most important benefits employed people enjoy is... Read More

Internet Insurance Leads

It is a fact that more and more people everyday... Read More

How To Get Cheap Whole Life Insurance Quotes

Whole life insurance quotes the most expensive kind of policies... Read More

Medical Bankrupticies: What You Can Do To Protect Yourself

First the bad news: about 2,000,000 personal bankruptcies each year... Read More

Check Out The Variety of Auto Insurance Texas Style

They say everything is bigger and better in Texas, and... Read More

Guide to Car Insurance

Here is a useful guide to car insurance. Buying car... Read More

Health Insurance 101 for Individuals and Families

The changing healthcare and health insurance landscape in the United... Read More

Finding California High Risk Truck Insurance

California high risk truck insuranceIf your are in need of... Read More

Can I Get Affordable Dental Care?

In the United States most companies offer their employees dental... Read More

An Introduction to UK Home Insurance

Unlike motor cover, home insurance is not a legal requirement... Read More

Cheap Auto Insurance Quotes ? Tips For Getting The Lowest Rate

Finding auto insurance quotes online is easy, but finding the... Read More

Car Insurance Advice for Young Drivers in the UK

Over the course of the last ten years, car insurance... Read More

Why Boats Are A Pleasure... But You Still Need Boat Insurance

One of the greatest pleasures that a man can have... Read More

Consumer Driven Health Plans [ CDHP ]

Do you know that skyrocketing health care costs have been... Read More

Online Insurance Quotes California Auto

Finding insurance quotes for California auto is now pretty easy.... Read More

The Importance of Travel Insurance

You've finally saved enough to go on that dream vacation... Read More

Is an HSA a Type of Insurance?

A Health Savings Account (HSA) is not a type of... Read More

Life Insurance Providing Little Protection from Terrorism

Recent statements by the City of London Police Commissioner James... Read More

Health Insurance for the Beginner

When it comes to your family, selecting the right health... Read More

Auto Insurance for Young Drivers

The biggest worry of most parents today is their children... Read More

Free Money Saving Auto Insurance Tips

Our money saving auto insurance tips were written for one... Read More

Do You Pay Too Much For Your Car Insurance?

Do the premiums just seem to get higher and higher... Read More

General Knowledge - Critical Illness Insurance

Critical illness can happen to anyone, and often does. If... Read More

What is Life Insurance?

Life Insurance is an insurance policy that provides an agreed... Read More

Shopping Options for Auto Insurance

Shopping for car insurance can be a big undertaking. It... Read More

Hidden Ways to Cut Car Insurance

Consumers are countering rising gasoline prices and other vehicle operating... Read More