the educator mag Jan 26 - Flipbook - Page 52
Only 18% of young
people learn about
insurance in school
SSP Broker wants to spread the message that insurance
is big data personified and offers fulfilling careers
Misconceptions
A groundbreaking new white paper,
released by technology provider to the
insurance industry, SSP Broker reveals that
the vast majority of UK teens are entering
adulthood with a limited understanding of
insurance, despite facing an increasingly
complex and risk-filled world.
The report, Insurance Uncovered:
Why Financial Literacy Must Include
Insurance Education for the Next
Generation, highlights findings from a
national survey of 1,000 children aged
12–16. It found that fewer than 1 in 5 (18%)
have learned about insurance in school,
and 15% said they haven’t learned anything
about it at all.
Find the white paper here - https://
ssp-worldwide.com/insurance-uncovered
Instead, most young people form their
understanding of insurance through social
media, TV, or family members—sources
which often lack accuracy or context. While
75% would turn to their family for insurance
advice, only 26% said they’d approach an
insurer or broker.
“We’re handing young people the keys to
financial adulthood without explaining how
to steer,” said Martyn Mathews, Managing
Director of SSP Broker. “This isn’t just an
education gap, it’s a risk to their financial
futures and to the trust in our industry.”
The report, which
includes supporting
comment from CII, BIBA
and Futures For All,
highlights widespread
misconceptions.
Over 30% of teens, for
example, incorrectly
believe health insurance
is mandatory in the UK.
And more than half
think someone in their
household has made an
insurance claim, twice
the rate reported in official data, indicating
confusion about how insurance works
Yet, there's a silver lining: 69% of surveyed
teens said they might consider a career in
insurance. This points to a major
opportunity for the industry to connect
with a new generation of tech-savvy,
socially conscious young people.
“We all benefit by increasing educational
efforts around insurance and sharing the
message that insurance is big data
personified,” added Mathews. “The industry
will be fueled with a generation of new
ideas, young people are given a new
avenue of employment, and the products
on offer will better suit new waves of
consumers.”
Key recommendations
The white paper urges both government
and the insurance industry
to collaborate on solutions.
Key proposals include:
• Integrating insurance
education into the national
curriculum, especially
during key life milestones
like learning to drive.
• Launching a national
partnership between
insurers, educators, and
policymakers to build classroom-ready
resources.
• Creating engaging digital content for
platforms like TikTok, Instagram, and
YouTube to meet young audiences where
they already seek information.
• Expanding career outreach, including
school talks, internships, and digital “day
in-the-life” videos from real professionals.
“At the Chartered Insurance Institute, we
firmly believe that insurance education
should not just be about understanding
policies - its about equipping young people
with the knowledge to protect what
matters most and to see the substantial
role our profession plays in society,”
said Laura Wharfe, ACII Chartered Insurer,
Career & Talent Lead at the CII.
“This research shows both the urgency and
the opportunity, by embedding insurance
into financial education and ensuring the
sector is promoted more visibly in schools
as a career of choice and one that offers a
fulfilling professional pathway.
“By working together to deliver this, we can
build financial resilience amongst young
people whilst strengthening public trust
and inspiring a new generation of
professionals to join a sector that truly
makes a difference.”
The report also calls for a national
roundtable, a pilot education programme
in UK schools, and the creation of an annual
Insurance Literacy Tracker.
