An insurance body is concerned Australians will spend money where it doesn’t count this Valentine’s Day instead of taking out adequate insurance.
IBISWorld research estimated that Aussies’ total spend on things such as, jewellery, cards, flowers and dining for Valentine’s Day will be $791.4 million. But insurance provider TAL’s figures show that only 52% of Australians have some form of life insurance, which can cost as little as $8.50 per week for a person under 35 years old.
“It’s hard to ignore the reality that so many people are leaving [their] futures to chance by not financially protecting themselves and their loved ones,” TAL Group CEO Jim Minto said in a statement.
“This Valentine’s Day we’re simply urging Australians to take a step beyond the cards, flowers, dinners and getaways when they think about their lifelong commitment to their loved one,” Minto said.
Australians might be spending a little less this year however, due to the big day falling on a Sunday where retailers miss out on corporate foot traffic in CBD areas.
The Australian Flower Industry are urging florists to employ aggressive marketing tactics to prevent an estimated 15% drop in profits.
“Let’s shout out to our customers that flowers are the incomparable way to send a message of love on every single Valentine’s Day, every single year,” Adrian Parsons from the Australian Flower Association said in a statement.
Have you considered taking out a life insurance policy to protect your future like TAL suggests? Visit the Mozo life insurance hubto find out more and compare provider quotes.