Men are more than twice as likely as women to believe they may have a lost or forgotten life insurance policy, according to findings from Gretel.
The report which surveyed 2,000 people last month, found that almost three in 10 UK adults believed they had at least one lost or dormant account, ranging from life insurance, investments, pensions, CTFs and bank accounts, with the average amount believed to be held in these accounts varying widely but averaging £34.6k.
The study showed a noticeable increase in the awareness of lost or dormant accounts across all ages, from last year’s findings, with a third (30%) of UK adults claiming they may have a pension they are unaware of or have not considered amid similar trends observed across bank, savings, life insurance, investments, and Child Trust Funds.
And when asked about life insurance specifically by Health & Protection, Gretel said while 14% of respondents thought they might have a lost or forgotten life insurance policy, there was a big difference in gender with 19% of men thinking they might have a lost account v 9% of women.
Gretel is a platform designed to help consumers find everything from their first bank account to a forgotten pension or life policy.
Duncan Stevens, CEO of Gretel, said: “The journey to financial stability and growth often starts with recognising and reclaiming what is already yours. In a time when every penny counts, these dormant assets can be a lifeline for many.
“In light of these findings, there’s a golden opportunity for the financial industry to step up and play a pivotal role in reuniting people with their forgotten assets and helping them do more with them.
“While one in seven would use any reclaimed money to support their everyday living costs, particularly as we reach the festive season and finances have to extend further, a far greater number would reinvest it or consolidate it among other existing accounts.
“For proactive providers who have supported customer reconnection, we can also see a great opportunity to build on existing brand loyalty.”