LONDON, March 15, 2011 /PRNewswire/ -- Life insurance quotes are being sought by more younger people, according to leading price comparison website, comparethemarket.com. In the ten-month period from last March (2010) to January 2011, more of its customers in the 21-30 and the 31-40 age brackets have come to the site to life insurance products.
Individuals under 40 have increased their searches by 6%. This shows a greater engagement by the under-40 cohort, particularly between the ages of 21 and 30, in financial matters which directly affect them.
"This is a definite shift in savings and investment planning," comments comparethemarket.com's Commercial Director, Jeremy Moll. "The under-40 age group has a clear interest in saving for the future, particularly retirement as it is acutely aware of how deep and hard the current recession is. Also, changes in pension structures and employer contributions mean that younger people have to take more of an interest in what their plans look like and how well they are doing."
The finding comes as the Office for National Statistics reported this month that the average retirement age is creeping up -- to 64.5 for men and 62 for women in 2009. The state pension age for women will rise to 65 by 2018, and equalise for both sexes to the age of 66 by 2020 with further increase to hit 68 scheduled by 2046. The default retirement age of 65 that employers can impose on staff is being abolished by the government on 1 October 2011.
"People are going to be working for longer and it makes sense to start saving earlier, not only to retire as soon as is economically possible but also to maximise the investment window for personal options," adds Moll.
Working with some of the UK's biggest providers, comparethemarket.com constantly compares the best deals and rates on the market to ensure that the customer gets the greatest saving for them.
- comparethemarket.com was launched in 2006 as a motor insurance comparison site, offering customers a wide range of competitively priced insurance quotes instantly online. It is now one of the UK's leading price comparison brands.
- As well as insurance, comparethemarket.com now also offers comparisons on credit cards, loans, current accounts and savings accounts.
- comparethemarket.com has grown rapidly over the past three years from 50,000 monthly visitors to around 2 million a month
- comparethemarket.com actively selects its brand partners to ensure quality service to consumers.