Time-poor Brits are facing difficulties in managing their life admin tasks, according to a study that found life insurance takes the average Brit over 10 months to sort out. The research revealed that just over a third of Brits had life insurance on their to-do list for one to two years. The study highlighted that two-thirds of individuals feel weighed down by their to-do lists, with 50 per cent admitting to delaying important tasks because they found them overwhelming. Additionally, 70 per cent of Brits find paperwork and forms intimidating, leading them to procrastinate on completing life admin tasks. Gen Z (16-24) were identified as the age group most likely to feel overwhelmed, with 87 per cent expressing such sentiments.
The average Brit was found to procrastinate for over a month before completing a task, with different generations displaying varying levels of efficiency in managing their tasks. Gen Z emerged as the quickest, taking less than a month to tackle a task, while individuals aged 45-54 were identified as the biggest procrastinators, leaving tasks uncompleted for over a month. The study conducted by the Post Office identified a lack of time as the top barrier to completing life admin tasks, followed by an excess of information to process and complex instructions to follow. In response to these challenges, 43 per cent of Brits said they would consider hiring a personal assistant to assist them with life admin tasks if they could afford one.
Household bill management was identified as the most challenging life task for Brits, followed by writing a will and filing tax returns. For younger generations such as Gen Z and Millennials, pensions posed a significant challenge, with 25 per cent struggling the most in this area. Despite these challenges, life insurance was found to remain neglected on many Brits’ to-do lists, taking over 10 months on average to finally sort out. Over a third of individuals without life insurance delayed obtaining it because they didn’t see it as a priority or necessity. The study also found that 30 per cent of respondents would be motivated to get life insurance sooner if offered financial incentives such as cashback or discounts.
To address the procrastination and difficulties in managing life admin tasks, the Post Office introduced a Winter Warmer initiative offering customers of Post Office Life Insurance and Post Office Over 50s Life Cover £30 cashback to ease financial stress during the winter months. This limited-time offer, valid until January 31, 2025, aims to support customers in managing their household bills or other expenses during the winter period. In addition to the £30 cashback, customers purchasing life insurance policies can also receive a choice of gift card worth £100 or £125, depending on the policy selected.
Motivations for obtaining life insurance varied among respondents, with 42 per cent citing peace of mind as the primary reason for their purchase. Other significant life events such as having children, buying a first house, or getting married also prompted individuals to consider life insurance. Paul Paddock from the Post Office emphasized the importance of life insurance in providing financial security for loved ones and encouraged individuals to take advantage of the Winter Warmer offer to address their life insurance needs. The initiative aims to alleviate financial burdens and assist individuals in managing their winter expenses while ensuring their peace of mind and security through adequate life insurance coverage.