Young adults have classed themselves as financial dependants without insurance or savings, Bright Grey has reported.
According to the insurer's Generation Now report, a third of 25 to 40 year olds do not consider themselves financially independent with a further quarter saying they have a ‘live for the day' attitude.
Two in five of the age group were renting and 39% had outstanding mortgage payments yet the vast majority had no contingency plans should they be unable to work.
Only 6% had considered whether insurance would cover them in the event of an illness.
Jacqui Gillies, head of marketing at Bright Grey, said: "It is always important to bear in mind the decisions we take now have an impact on our future, so it is vital to ensure we are protected against unforeseen events.
"Even those who might consider themselves without financial obligations need to consider how they would cope if their income were to suddenly stop."
She added priorities for different generations had shifted in that previously people were encouraged to build a secure financial foundation while now immediate concerns were the focus.
Traditional milestones also proved elusive with "significant" numbers having set marriage, family and property-ownership goals but not having achieved them.
