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Are you worried about financial uncertainty?
Expecting an economic slowdown?
You’re not alone.
According to NobleOak’s latest research conducted by PureProfile, many Australians are in the same boat. The survey data suggests that Australians are expecting their budgets to be challenged in the coming months. Respondents rank budget tightening, home loan stress and employment changes as a few of the top adverse events they’ll likely experience in 2023. These results support similar findings collected by EY Oceania which claims “large tranches of Australians are expecting to spend less in coming months” as they “buffer the instability of the economy.”
How are Australians responding to financial uncertainty?
Despite a potential recession, many consumers are choosing not to cancel their personal insurances. Instead, they’re preparing for turbulence by reducing expenses in more material categories. According to the 2023 NobleOak survey, respondents rank holidays and entertainment as the costs they would cut back on.
Notably, life, health and home insurances are amongst the last items respondents would reduce. In fact, people said that they would even cut back on education costs ahead of life insurance and income protection cover. These findings suggest Australians are holding onto their personal insurances as protection in the face of financial hardship.
Though there’s no telling how long a potential recession might last, identifying a trustworthy insurer to help protect your assets may be one of the most important decisions you can make to weather the storm.
To learn more about NobleOak’s Life Insurance products or to request a quote, click here, or call NobleOak on 1300 041 494.
Mention “SENIORS CARD - SA” to receive your special 17% lifetime discount on Life cover*.
For more insights into Australia’s life insurance industry, check out the full report.
This is an advertorial for NobleOak. This is general information only and does not take into consideration your individual circumstances, objectives, financial situation or needs.
Important Information
NobleOak Life Limited ABN 85 087 648 708 AFSL 247302 is the issuer of NobleOak life insurance products. The information contained is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before making a decision to purchase or continue with a product you should read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and Financial Services Guide (FSG) and consider this information having regard to your own objectives, financial situation and needs. If you are considering replacing an existing life insurance policy you should consider your circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed.
*Discount information - Premium discounts apply to the standard premium offering for term Life cover in the NobleOak My Protection Plan product and are available for applications received from Seniors Card members under this program. Seniors Card member premiums include a 17% discount which remains for the life of the cover. The discount is not available in conjunction with a discount from another program or offer.