The Money Advice Service (MAS) has revealed how few hits income protection (IP) has received on its website and is supporting industry initiatives to promote IP to consumers.
Speaking at the launch of The Income Protection Task Force's (IPTF) Signposts for Income Protection, Mark Fiander, strategy and innovation director at the MAS revealed just 0.2% of hits on the MAS site were searches on or related to income protection, in comparison to searches for other elements of financial planning.
The MAS had carried out consumer advice which found while 23% of people had experienced a large drop in their income over the previous year; just 2% had some form of insurance to fall back on.
Fiander said the MAS was hugely "supportive" of the IPTF's work in promoting IP through the publication of its report and Family Support Initiative.
He also said "quite frankly we need to do more" and there was a "clear role" for the financial services industry in achieving this aim.
Speaking on consumer behaviour Fiander added: "Few people seek information on products with no clear motivation. The motivation generally for people is a life event, where you open up risk, for example [the costs associated] with having a baby and budgeting. It would help if people would understand that a single income would present "significantly higher risk" than before."
He said the MAS was "keen" on the work the IPTF was doing and "keen to be more involved."
