Millennials: budget and safety mindful. One in five with a life insurance policy

This is one of the data of the survey carried out by regarding the connection between Generation Y and the money. The results suggest a more careful approach by young people in reducing their expenses and an increase of 14% in savings on bills, car insurance and mobile communication

Published on 12 May 2019

In 2018, 65% of Millennials (those born between 1981 and 1995) managed to save on the main categories of household expenditure (utilities, insurance and financial products), while the figure at national level stands at 59%. Even when considering the amount of savings, the general trend does not change: last year Millennials managed to save, on average 709 euros, 14% more than the national average (620 euros). 

Yet this segment is also highly demanding vis-à-vis service providers, both in terms of price and quality, therefore proving to be ready to easily change providers if not satisfied. 

With regard to car insurance, for example, in the last year, 22% of Generation Y policyholders changed insurance company (+3% compared to the national average), 21% of these changed company because of the lack of satisfaction with the service offered; 38% of Millennials customers changed mobile phone provider (+2%), while 25% (+4%) changed ADSL-fiber provider. The trend is also confirmed with respect to bank accounts; the number of Millennials who dropped out of their credit institution in favour of a new one is higher than the national average (11% against 8%). 

As for insurance, the Millennials are sensitive to the issue of physical and income security: 20% of those who have taken out a policy in the last year have chosen a life insurance policy, 13% an accident insurance policy. A positive figure for companies considering that in the last two years the market for life insurance policies in Italy has suffered a downturn. 

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