According to the report “UK Today: Best City to be Young”, published by Legal & General, 59% of 18 to 30-year olds say their phone is the possession which has the biggest positive impact on their quality of life. The next key possessions were laptops/tablets, (56%) and owning a car (45%).

However, 73% have no insurance for their phone, and 89% don’t have cover for their laptop or tablet. According to the report only 8% say that having insurance has a positive impact on their quality of life.

Over a third (39%) of the young adults surveyed said that they have home contents insurance, and levels fluctuate across the country. London has the lowest uptake, at 23%, followed by Liverpool (29%) and Glasgow (32%).

Mark Holweger, director for Legal & General’s general insurance business said:

“It’s encouraging to see that in what is still a tough economic climate, a high percentage of young adults in the UK are protecting their belongings with some form of insurance cover in place. However, when you strip out car insurance, which is compulsory, then the level of insurance cover drops quite significantly. From our new research it’s clear that often the insurance cover that young adults have in place doesn’t actually cover the things that they say are most important to them, or the things that would have a big impact on them maintaining a good quality life.

“Our “UK Today: Best City to be Young” Report research shows that many young people do not understand the ‘real’ benefits of having adequate insurance cover in place. For example, ‘Working in a job I enjoy’ and ‘A reasonable cost of living’ were both identified as the most important factors for a positive quality of life by 18 – 30s. So it’s concerning that only 3% of 18 – 30 year olds have insurance cover in place that would help to protect their lifestyle should they suffer an accident, a sickness or unfortunately become involuntarily unemployed, so they are no longer able to work.

“It’s clear that the link between insurance cover and the factors that are important in maintaining a quality of life and protecting possessions isn’t always being made. We’re encouraging the UK’s young adults to review their position and check with their provider that they do have appropriate insurance cover in place, or to contact an insurance broker or intermediary who is able to help by giving them advice on the insurance cover they should have in place. Our aim is to get more young adults to appreciate the value of protecting themselves and the things important to them, so their quality of life isn’t then compromised, if things should go wrong.”