Protection  

Mas and ABI launch protection awareness campaign

Mas and ABI launch protection awareness campaign

A new campaign has been launched to raise consumer understanding of the importance of safeguarding finances by either saving or considering relevant protection by the Money Advice Service and the Association of British Insurers.

Research conducted by the Money Advice Service highlights that almost one third - 32 per cent - of UK adults have had a serious financial shock in the last five years, yet just a third (35 per cent) had insurance in place to guard against it.

Both the Money Advice Service and the ABI will build on their wider industry expertise to identify the barriers and triggers to saving and the consideration of protection insurance.

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The campaign will encourage people to think about who and what they want to protect, breakdown barriers associated with saving or taking out protection insurance and, ultimately, drive conversation around the importance of ensuring family and finances are safeguarded should an unexpected event occur.

The Money Advice Service collaborated with the ABI on new consumer research, a round table discussion with media outlets to talk about barriers to planning ahead and the best way to get messages about safeguarding finances across to consumers as well as PR and social media activity to educate consumers.

Thr organisations said the focus of the campaign is to raise awareness and educate consumers about the need to safeguard their finances.

The PR activity will be measured in terms of the amount of coverage achieved and the reach of that coverage.

The ABI and the Money Advice Service have generated content to sit on the Money Advice Service website, which we have already supplied.

Caroline Rookes, chief executive of the Money Advice Service said: “This campaign and the consumer research generated has helped us to get people talking about planning ahead for unexpected events,encouraging them to think about safeguarding themselves financially whether saving or considering protection insurances.

“Our work with the ABI has given us a better understanding of consumers’ attitudes to protection insurances and this is a great example of working in partnership to raise awareness and educate consumers about important issues.”

Louise Hanson, director of advocacy at the Association of British Insurers said: “Every day protection insurance pays on average £9.4m to more than 350 individuals or families to help them cope with financial strains and worries that can be caused by a life changing event.

“However, many families still have no real financial safety net. The ABI and its members have joined with MAS to encourage people to think about their financial security and how they will cope through the loss of a loved one or being unable to work due to illness.”

ruth.gillbe@ft.com