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.”
Misconceptions
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.
