By Vanessa Ellis / 13-09-2017
Kindred has been working with LV= Insurance on a new report ‘Income Roulette’, set to uncover the sectors of society most at risk of financial crisis.
We commissioned YouGov to survey over 9,000 adults in the UK to gather information on the financial circumstances and habits of all sectors of society. We analysed the masses of data and found that three key demographics are the most at risk.
The first instalment of the Income Roulette report names late-millennial (25-34 year olds) renters as one of the least financially resilient groups in the UK. Dubbed ‘Generation Debt’, our research showed that 43% of late-millennials who rent are not able to save any money whatsoever, with student debt and credit card bills named as the biggest obstacles. The Money Advice Service (MAS) defines financial resilience as having 90 days’ worth of outgoings in savings. We found that a shocking two thirds (65%) of 25-34 year olds that rent fall short of this.
Armed with these powerful statistics and with the use of case studies, Kindred secured over 15 pieces of coverage in the press for this instalment of Income Roulette. This included national titles such as CityAM, The Daily Mirror (print), The i (print). We also secured two pieces of national radio broadcast on BBC Radio 5 live drive and Radio 4 You & Yours. Trade titles such as the FT adviser and Moneywise covered the story too, and we even managed to land a case study feature on TV with BBC London News!
The second instalment of the report highlights that around two million of the UK’s self-employed can’t afford to save anything each month, putting them more at risk of financial crisis. What’s more, only 4% have income protection insurance.
For this instalment we secured a massive 40 pieces of coverage! This included national titles Daily Star (print), Express, Daily Record (print), Mirror (print), The Sunday People (print) and The i (print). The story was also covered by Sky News Radio, BBC Radio London and LBC Radio, and generated huge amounts of trade coverage.
The third instalment of the report is coming soon!