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Poll finds Brits pick broadband over life insurance
Scottish Widows found just 15 per cent of consumers are prepared to cut back on their broadband.
The financial services provider commissioned YouGov to poll over 5,000 consumers and discovered just 15 per cent are prepared to cut back on broadband.
In contrast, more than a fifth of respondents would consider spending less on critical illness cover and 20 per cent would mull over axing their life insurance.
Although 97 per cent said they were aware of life insurance and the importance of taking it out, just four in ten had the cover in place. Similarly, more than four-fifths knew about income protection insurance but less than a tenth had signed up.
Scottish Widows claimed the survey highlights a "worrying trend" for Brits to view luxury goods and services as a necessity.
For instance, the survey found 69 per cent of people believe broadband is essential to their day-to-day life, while only 35 per cent said the same about their ongoing financial security if they were unable to work.
Clive Allison, market director for protection at Scottish Widows, acknowledged that many consumers do not like to plan for the unknown but said the importance of taking this step should not be ignored.
He commented: "The majority of people clearly understand the benefits associated with protection products such as life, critical illness and income protection, but ... many still don't adequately protect themselves, their families and their homes.
"The industry still needs to do more to highlight these benefits to ensure take-up increases."
This study echoes the results of a poll conducted last year by Sky News, which illustrated that broadband access is a major priority for many Brits.
It revealed more people are prepared to make savings on their food shopping than give up their internet connection should money become particularly tight.