The cost of living, associated with the rising prices of housing, food, and energy, compounded by global tensions triggered by situations such as the war in Ukraine, is noticeably impacting Generation Z. According to a recent study by consulting firm Deloitte, called “How does European Generation Z buy insurance?”, despite these challenges, 80% of Gen Z in Poland claim to have defined future plans. Simultaneously, over 40% fear a loss of financial independence, leading a current trend of half of the generation trying to save money for the future, while still investing in personal development and mental health.
A new image of Generation Z and their approach to insurance and finance emerges from the Deloitte report. Young people, born between 1997 and 2012, are actively shaping their careers and trends, successfully adapting to the rapidly changing world.
The survey’s results show that Gen Z is not only actively planning their future but setting new standards in their approach to work and personal life. A whopping 83% of Gen Z in Europe say they have specified plans for the next few years, significantly exceeding Gen X expectations. Furthermore, only one in twenty of this group worries about their future, compared to one in ten people in their thirties and forties explained Marcin Warszewski, leader of services for the insurance sector at Deloitte.
Despite their optimistic view of the future, young people face many challenges. One of the main fears of Generation Z is the fear of losing their financial independence, with four in ten Polish Gen Z respondents (43%) worrying they won’t be able to support themselves. This result is close to that of millennials and Generation X (38% and 42%, respectively). They’re also concerned about accidents (38%) and the ability to support a family (21%). Moreover, cutting-edge technologies also raise concerns. About 14% of young Polish respondents worry that future automation and artificial intelligence development might impact their career prospects. In comparison, in Europe, nearly one in five shares this concern.
With one of their biggest worries being potential financial difficulties, one in three Gen Z fears owning a home may remain an unreachable dream. This uncertainty about future years not only stirs up fears but also encourages thoughtful planning. Unlike their parents, Gen Z in Poland thinks more about the future, but they still seek their parents’ support and consult their decisions, especially when finance and insurance matters are involved, informed Tadeusz Fułek, manager at Deloitte.
In Poland, 45% of young people who already have at least one policy plan to buy additional life insurance, significantly exceeding the European average (29%). Also, interest in health insurance reaches 41% in Poland while at the European level, it concerns 33% of Gen Z respondents.
Gen Z in Poland, like their European peers, is also becoming more concerned with mental health, with every sixth Gen Z respondent considering purchasing insurance in this category. This differentiates them from millennials and Generation X. Pet insurance is also becoming more popular, with 14% of twenty-somethings in Poland considering it. Interestingly, 12% of European respondents considered policies covering digital goods, compared to 3% of young Poles.
Young consumers in Poland, like those in other European countries surveyed, show increasing interest in insurance. Still, their awareness varies. Nearly half of Poland’s Gen Z admits that their knowledge on this topic is limited, 9 percent points lower than in the rest of Europe. Even so, 71% of young Poles possess at least one insurance policy, almost equalling the average for all surveyed countries (73%).
The Deloitte report was based on surveys conducted in nine countries: Germany, the Netherlands, France, Spain, Italy and Poland, the Czech Republic, Hungary and Romania. The survey aimed to understand young people’s approach, especially Generation Z, to insurance, focusing on life, car, and home insurance.
Source: https://ceo.com.pl/finansowe-priorytety-i-obawy-pokolenia-z-78126
