The overwhelming majority of the younger generation would not consider taking out insurance, a Bright Grey report has shown.
Just 6% would consider buying insurance as an immediate priority, with 16% of respondents saying they understand the importance of insurance but cannot afford it.
Jacqui Gillies, head of marketing at Bright Grey, said: "Younger generations have adopted a more ‘live for the day' approach to their financial priorities in recent years compared to their parents' generations.
"However, they should also consider how they might continue to pay for their personal priorities - such as maintaining an enjoyable social life - in the event they were to find themselves unable to work because of illness."
The Generation Now report showed 25% of 25- to 40-year-olds said they were "living for the day" with a third living hand-to-mouth each month and not saving.
The main priorities for this age group include keeping up with mortgage payments or rent, according to 43% of respondents.
Looking for a job that interests them was prominent for 23%, planning the next holiday for 22% and 21% said funding a good social life took priority.
Gillies said: "People sometimes think of insurance as an unnecessary expense, and take the ‘it won't happen to me' approach. However, with cover available at less than the cost of a trip to the cinema, consumers should really think about their priorities."
