Millennials ‘N Stuff
Since the dawn of time, music, fashion, hobbies, where and how we live, even the jobs we do, have marked the difference between generations.
As an insurance company, it’s Liberty's job to understand how generational differences affect people’s needs so we can develop products that help our customers look after their belongings. And not since the 1960s has the difference between generations been so apparent.
We wanted to explore just how different things are for “Gen Y”, or “Millennials”, so we commissioned research with Millward Brown to look at the lives of those born between the early 1980s and the early noughties – with some startling results.
Prized Possessions
It’s harder than ever to get on the property ladder, which has given rise to an ever-increasing body of renters. Young adults are delaying traditional life stages and if they don’t own their own place, or have kids, they're less likely to own the big stuff their parents did at their age, such as dining sets and three-piece living room suites. While these differences may negate the need for traditional Home insurance, renters still have stuff that needs protecting. Our research revealed that 48% of males surveyed cited technology items, such as phones and laptops as their most prized possessions, while the majority of females (55%) cited jewellery, such as engagement and wedding rings.
While all renters surveyed claimed ownership of at least one big ticket item, surprisingly, only one in three have “Renters” or Contents insurance.This indicates an underlying and erroneous assumption that landlords are responsible for replacing lost, stolen or damaged items should anything go wrong. While landlords must insure the building, the responsibility for a renter’s contents lies with the renter alone. And with 25,000 burglaries occurring in 2015 (CSO), the reason to insure belongings is clear.
A Love of Tech
Our research revealed that 64% of 17- 29 year olds feel sick, desperate or panicked when they leave home without their phone. Dramatic emotions you may think, especially if you’re not a millennial, but what this finding highlights is the very real connection and total reliance people today have on their gadgets, which simply didn’t exist for past generations.
Despite this reliance, only 15% of 17-29 year olds have gadget insurance, which is surprising given that 52% of them have experienced a smartphone screen crack, and a further 45% have lost a smartphone or dropped it down a toilet!
A Love of Travel
With the advent of cheap travel, seeing the world has never been easier. And boy do the millennials of Ireland love to travel.
Half of 17-29 years olds go on two or more holidays every year. Lucky them! But not so lucky for the 22% who have experienced illness or an accident while abroad. Despite this, only 29% of this cohort take out Travel insurance.
Contents Insurance with Liberty
Contents insurance with Liberty provides cover for your personal belongings such as home office equipment, clothing and much more. For peace of mind when it comes to your precious possessions, find out more and get a Contents quote today.