Erie Insurance survey shows widespread concern over financial security – InsuranceNewsNet


ERIE, Pa. – June 14, 2022 – In a national survey of American consumers commissioned by Erie Insurance, two-thirds of respondents said they are more concerned about their financial security than they were before, and many are taking steps to address it. The wide-ranging survey also revealed what people miss most about working from home and what they enjoy most about returning to the office and, if they have moved during the pandemic, why.

As a company that increases people’s financial security by providing life, home and auto insurance, Erie Insurance periodically commissions surveys to stay on top of changes in consumer attitudes and behaviors.

The survey found that nearly two-thirds of respondents (64%) value spending quality time with their family more now than ever before; more than half (55%) value financial security more, and about the same percentage (54%) value spending quality time with friends more.

In addition:

  • Two-thirds of respondents (66%) said the pandemic had made them more concerned about their financial security than they were before.
  • 61% said the pandemic made them more concerned about how their family would be supported financially if they fell seriously ill, or worse, could no longer support themselves.
  • Half (49%) said the pandemic had made them wondering if they had the right type and amount of life insurance as part of their overall financial security plan, and a quarter (25%) contacted their insurance agent on this subject.

“They say life insurance is a product you buy hoping you won’t need it right away, but our survey found that having a policy provides value,” said Louis Colaizzo, senior vice president of Erie Family Life, Erie Insurance. . “In fact, 44% of respondents said the pandemic has made them appreciate the peace of mind they get from having life insurance even more than before.”

people in motion

One in five respondents (21%) said they had moved during the pandemic while 79% stayed put.

At the top of the list of reasons for moving (36%) was live in a place with a better quality of life. Live closer to family and having a lower cost of living tied for the second most cited reason for moving (26%, respectively), followed by have a bigger house so everyone can spread out more (18%) and live somewhere with a more pleasant climate (16%). Nine percent of people moved because they fed up with their home after spending so much time there.

The bitter and sweet of returning to the office

For many people who have worked from home during the pandemic, returning to the office is bittersweet. The survey revealed what they miss or will miss the most about working from home and what they love or will love most about going back.

Top things people MISS most about working from home

Percentage of people who miss it

  1. Not having to travel to get to work 27%
  2. Not being able to do small chores around the house during breaks in the day (like emptying the dishwasher, folding laundry) (tie) 24%
  3. Not being able to spend so much time with my children (tie) 24%
  4. Have less free time (tie) 24%
  5. Not being able to sleep for 23%
  6. Not being able to spend as much time with my pets 21%
  7. Not being able to spend as much time with my spouse/significant partner 19%

Top 5 things people will love most about returning to an office or other workplace

Percentage of people who will like

  1. Socializing with colleagues at work 34%
  2. Not feeling locked in the house 33%
  3. Socializing with colleagues after work 27%
  4. Meet colleagues in person 24%
  5. Lunch with colleagues19%

Sorry, bosses.

Among a list of 11 things people love or will love the most about returning to work, having facetime with the boss came in last, with just 14% saying this. However, men were four times more likely than women to say face-to-face with the boss is one of the things they will enjoy the most. Almost a quarter of men (24%) said this compared to just 6% of women.

To slow down!

As national road safety bodies sounded the alarm bell on the acceleration crisis escalating during the pandemic, Erie Insurance wanted to know if people think drivers are still speeding more than usual.

38% of respondents agree that it appears that the number of speeding tickets increased much earlier in the pandemic and that has not changed – drivers are still accelerating roughly to the same degree. But when asked about their own speeding habits, only 15% said they had been speeding earlier in the pandemic and still do. 69% said they didn’t accelerate before the pandemic and they don’t now.

Survey methodology

This survey was conducted online by Falls & Co. on behalf of Erie Insurance from April 1 to April 8, 2022, among 500 US residents aged 18 and over. Falls established the sampling quotas, designed the questionnaire, compiled the survey responses and managed the overall project. Falls used Dynata (Plano, TX) to administer the survey via the Internet, including mobile devices, to Dynata’s captive U.S. panels who met age, gender, and region demographics.