Life insurance is still a low priority for Generations X and Y, according to new research commissioned by the Financial Services Council for its Lifewise campaign.

The survey of 1100 people finds Generation Y survey respondents believe they are careful with their money. Some 35% think financial security would make their life happier, but only 16% hold an income protection policy.

Generation X is a bit better, with 24% holding an income protection policy.

“Our research shows that Gen Ys are thinking about the importance of financial security,” Lifewise Campaign co-ordinator Holly Dorber said.

“However, the reality is that if something were to happen and they were left unable to work, the majority would not have a financial safety net in place.”

She says while Generation Xs have a better approach to financial security, their social behaviour is putting them at risk.

The research found 39% of Generation Xs have had unprotected sex with a stranger, compared to 31% of Generation Ys.

Almost 22% of Generation Xs smoke at least once a month, compared to 20% of Generation Ys, while 35% of Generation Xs are more likely to have driven while over the legal alcohol limit.

Only 29% of Generation Ys have driven over the legal limit, but 78% are more likely to break the speed limit. Generation X is slightly above this figure at 81%.

“Despite being more mature in age, Generation Xs (45%) are not as concerned that the poor health behaviours they practice will have a negative impact on their wellbeing,” Ms Dorber said.