Money Power | Millenials are delaying getting Life Insurance, but can they afford to?
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Recent data from ASISA 2022 Gap Study found that individuals aged between 30 and 39 (Millennials) years often find themselves underinsured by an average of R1.4 million. Unlike previous generations, Millennials and Gen Z in South Africa are delaying major life milestones such as marriage, parenthood, and property ownership. These delays have, in turn, translated into a later uptake of life insurance, and these generations typically do not take up life insurance until they reach their late 30s. Mpho Mashita and Complexion talk to Personal Finance Coach, CEO of Wealthy Money and Author of “What’s Your Money Personality”, Vangile Makwakwa about understanding the preferences and behaviours of different generations in purchasing life insurance.
