Tesco Bank: Young people failing to take out life policy insurance

A significant number of 21 to 35-year-olds have neither a will or life insurance.

The majority of young Britons do not have life cover.

Research carried out by Tesco Bank shows that around three-quarters of those between the ages of 21 and 25 lack life policy insurance.

Only half of 31 to 35-year-olds possess such cover, despite the financial services provider noting they are more likely to have dependents and a mortgage.

And with only a fifth of 21 to 35-year-olds having arranged a will, the majority of young people appear to be avoiding thinking about their finances should the worst happen.

Jeremy Sutton, head of savings and investments for Tesco Bank, claims that although "it's human nature to feel like you have a lifetime to prepare for your death; especially at such a young age", it is never too early for people to consider their financial options.

Not only does include life insurance, he advises, but also areas such as savings accounts.

However, many older Britons may also be failing to make sufficient preparations for the future. A fifth of 35 to 45-year-olds questioned by F&C Investments lack both a will and adequate life insurance.

By Nate Sawyer