Research from financial services review site Smart Money People has found that one in six (17%) of Gen Z have no insurance products at all and that they cite cost and complexity as significant barriers. This is despite more than two in five (43%) having lost or had high value items stolen.

The proportion of Gen Z (18 to 27 years old) without any insurance is the highest of any age group.

Jacqueline Dewey, CEO of Smart Money People, said: “Gen Z are now starting to enter their late 20s, which means they’re earning more and growing their assets. They will soon begin to embark on significant life milestones too such as buying a house and having children. This makes them important customers for the insurance industry.

“However, there is a worrying lack of understanding from younger consumers about how insurance works. This suggests the industry needs to rethink how it communicates with Gen Z.”