Yes those young hipsters on TikTok are crazy about their smartphones, sound systems, laptops or headphones. In fact, young Brits are more worried about protecting their pricey electronics, rather than their jewellery and high end watches, according to new data from home insurance company Urban Jungle.
With more people studying and working from home since the pandemic, the data reveals that from 2019-2022, the most popular high ticket item for 18-24 year olds to cover was electronic goods – such as laptops and tablets. This accounted for 51% of those who have declared items above £2000 and likely corresponds with worries around the return to the office and hybrid working. In comparison, of those aged 41-44 who declared items in the same time period, electronics only accounted for 16%.
Jimmy Williams, CEO of Urban Jungle commented:
“Young people in the UK are increasingly concerned about protecting their more expensive purchases. 11% of our customers declaring items choose to cover their electronics – rising to over half of our younger customers (51%) under 24 years old.
On the other hand, jewellery and watches are the most favoured items with people over 24, accounting for 86% of customers who declare. This has risen 16% in 2021-22, which is likely thanks to the easing of restrictions and return of the office and social activities.
The fact is that with people out and about more, insurance is a great step to covering those high value items that are used in everyday life. As we see more people out and about living their lives, it can provide an essential safety net for young people looking after their financial futures.”
The data also highlights a split between Millennials and Gen Z’s attitudes towards other high-ticket belongings. Despite electronics being the most popular large ticket items for 18-24 year olds to cover, 24-30 year olds tend to insure their jewellery and watches above items such as laptops and tablets, with 62% of this age group that have declared items since 2019, accounting for jewellery and watches. However, insuring high ticket rings, such as engagement rings (when looking at these as a standalone item), was more popular amongst Gen Z-ers compared to Millennials, with 8% of 18-24 year olds declaring items accounting for rings, compared to 5% of 24-30 year olds.
This follows Urban Jungle’s recent survey of 1000 18-35 year olds, that found getting into a better financial position (41%) is ranked more of a priority than their love lives (22%).