2014 travelers consumer risk index.pdf
TRANSCRIPT
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Consumer Risk IndexAN ANNUAL SURVEY OF THE RISKS A MERICANS BELIEVE ARE MOST PREVALENT IN THEIR LIVES
October
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ContentsExecutive summary
Key findings
Top risks
Demographics and areas of concern
Distracted driving
Personal privacy issues/identity theft
Extreme weather
Managing risk
Preparing with insurance
About the survey
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Executive summary
Health wealth and worry
Thinking about their health their money the dangers of technology or even bad weather cause many Americans to worry
About one in four worries a great deal about these or other issues that can make the world seem like a risky place for
consumers and their families When they look ahead twothirds of Americans say the world is getting riskier while only
one in eight takes the opposite view
These are some of the findings
of the second annual Travelers
Consumer Risk Index based on a
July survey of more than
adult Americans The index measures
Americans general perceptions of
risk in daily life
This report presents details about
what topics worry Americans It
reveals information about who
worries most how concerns may
differ by region and other facts about
how Americans view the risks of life
in todays world
By identifying key trends and risks
of greatest concern through the
Travelers Consumer Risk Index wehope to start a dialogue around
how Americans can better prepare
for the unexpected and lead
safer lives
%
ALL ADULTS
ALL ADULTS
%
%
%
%
% %
%
%
%
%
%
%
%
Very high risk
Somewhat high risk
Moderate risk
Low risk
No risk
AMOUNT OF OVERALL RISK
YOU/YOUR FAMILY FACES
ALL ADULTS
ALL ADULTS
%
% %
%
PERCENTAGE OF PEOPLE WHO BELIEVETHE WORLD IS GETTING RISKIER
Much more risky
Somewhat more risky
Not changing
either way
Much less
risky
Somewhat
less risky
% %
% %
%%
%
%% %
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Key findings
Americans see a riskier world According to data released Oct % say they believe the world is becoming
riskier when asked how the level of risk in the world is changing
One in four respondents feels they and their family face high risk in todays world
Only one in eight people feels the world is becoming less risky
When it comes to some top concerns there is a gap between peoples perception of
risk overall and the chances of these risks happening to them directly
Some risks reflect changes in modern life identity theft distracted driving and
severe weather
Some risks stand the test of time financial concerns topped the list with % of
respondents saying they worry a great deal or somewhat about financial risks
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Top risks
What makes Americans worry and how much?
To learn how Americans feel about the risks they see in the world the Travelers Consumer
Risk Index survey asked people to name issues about which they worry and to rate their
level of worry or concern about specific topics
Finances personal privacy loss health top the list
Financial risk was listed as a top worry with % of respondents saying they worry
some or a great deal about money Personal privacy loss/identity theft was second
with % saying they worry some or a great deal Finally % say they worry some or
a great deal about health concerns
Other major concerns
When asked questions about specific concerns the survey revealed
Distracted driving % express some or a lot of concern
Severe weather % feel severe weather is occurring more frequently throughout
the US and onethird feel the frequency and severity of extreme weather in their
area is making property damage more likely
TOP RISKS AMERICANS WORRY ABOUT
All adults All adults
Financial concerns and risks%
%
PERCENTAGE WHO
WORRY A GREAT
DEAL OR SOMEWHAT
ABOUT THESE RISKS
%
%
%
%
%
%
WORRY A GREAT DEAL
Risk of personal privacy loss/identity theft
%
%
Risk of serious health problem
%
%
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Demographics and areas of concern
Worried Who and where
Who you are and where you live may reveal how you see risk in the world both now
and in the future Adults over the age of believe the world is getting riskier So doresidents of small towns and rural areas as well as people living in the South
Is the world becoming riskier? Nearly twothirds of those surveyed % say yes
as well as % of those aged to Onethird of millennials defined in the survey as
to yearolds feel their overall risk level is low compared to older age groups
Distracted driving
Distracted driving is seen as a major concern by % of those aged to and %
of city and suburban dwellers
ALL ADULTS
ALL ADULTS
%
% %
%
CHANGING LEVEL OF RISK YOU/YOUR FAMILY FACES
Much more risky
Somewhat more risky
Not changing
either way
Much less risky
Somewhat less risky
MUCH/SOMEWHAT MORE RISKY
Age to %Age to %
Noncollege grads %College grads %
MUCH MORE RISKY
Age to %Age to %
Noncollege grads %College grads %
% %
% %
%%
% %
% %
ALL ADULTS
ALL ADULTS
% %
OVERALL DISTRACTED DRIVING RISK
Major concern
Somewhat of a concern Not a concern at a ll
Not much of a concern
MAJOR CONCERN
Age to %Age to %
City/suburbs %Small town/rural %
%%
% %
% %
% %
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Demographics and areas of concern continued
Extreme weather
A majority % of residents of the Northeast believe severe and damaging weather
events are becoming more frequent in their part of the country Nearly half % of
Midwest residents believe the same Responses from the South and West where winter
was far less punishing are well below those levels
Personal privacy loss
The loss of personal privacy is one of the top concerns for consumers with
% worrying about this risk In fact the same percentage of consumers surveyed
worry about the loss of personal privacy as much as they do about the risk of a serious
health problem
Identity theftWhile still a significant worry consumers seem to be less concerned about identity theft
compared to a year ago In this years survey % report worrying a great deal about this
risk compared to % last year despite recent headlines about data breaches
In general millennials are less concerned with computer and technology risks as well as
loss of personal privacy About half % of millennials surveyed do not worry at all
about computer and technology risks compared to % of older age groups
PERCEPTION OF SEVERE DAMAGING WEATHER EVENTS IN THE PAST FEW YEARS
Becoming more frequent Becoming less frequent
BECOMING MORE FREQUENTIN MY LOCAL AREA
Northeast % %South % %Midwest % %
West % %
Tornado Alley % %Hurricane zone % %Brush fire area % %Blizzard area % %
ALL ADULTS
ALL ADULTS
% %%
%
In the United States In my local area
ALL ADULTS
ALL ADULTS
% %
% %
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Personal privacy issues/identity theft
Computer troubles Identity privacy hackers
In addition to electronic distractions behind the wheel our computerized society carries a number of other risks that cause
a majority of Americans to worry These risks include someone hacking into banking and financial accounts losing personalprivacy and the potential for identity theft
Identity theft is worrisome for nearly twothirds of those surveyed followed closely by hacking and privacy concerns Losing
stored data and information worries nearly half the respondents
Millennial shift
Members of the socalled millennial generation are less concerned about computer and technology risks and loss of personal
privacy compared to older generations In this age group born in the s to mids % say they have no concern about
these risks compared with % in older age groups
COMPUTER AND TECHNOLOGYRELATED RISK
All adults All adults
Someone hacking into my bank account/financial accounts
Losing my personal privacy
%
%
%
%
Potential for identity theft
%
%
Losing some or all of my stored data/information
%
%
WORRY GREAT
DEAL/SOME
%
%
%
%
%
%
%
%
WORRY A GREAT DEAL
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Extreme weather
Local perception of severe weather
In nearly twothirds of Americans report that severe damaging weather events are
becoming more frequent in the US and % believe they are becoming more frequentin their local areas This perception is strong in the Northeast and Midwest which
experienced a particularly long cold and snowy winter in
Americans and older are more likely than younger Americans to believe that severe
weather events are occurring more frequently % versus %
Fear of damage
About a third of people surveyed feel the changes in frequency and severity of weather
are increasing the likelihood of damage to their property homes and automobiles
This number is even higher in the Northeast
FREQUENCY OF SEVERE WEATHER EVENTS
BECOMING MORE FREQUENT
IN MY LOCAL AREA
Northeast % %South % %Midwest % %West % %
Tornado Alley % %Hurricane zone % %Brush fire area % %Blizzard area % %
BECOMING MORE
FREQUENT IN MY
LOCAL AREA
BECOMING MORE
FREQUENT IN THE
UNITED STATES
% % % %
FEAR OF DAMAGE FROM EXTREME WEATHER
Damage is more likely Damage is less likely
PROPERTY DAMAGEMORE LIKELY
Northeast % %South % %
Midwest % %West % %
Tornado Alley % %Hurricane zone % %Brush fire area % %Blizzard area % %% % % %
ALL ADULTS
ALL ADULTS
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Managing risk
Anticipating the worst
Anticipating a riskier world a majority of Americans have plans to blunt the hazards
they worry about bad drivers technological malice severe weather and more
Putting plans in place
If bad weather threatens % say they know what they will do before it strikes and
% have a plan for the immediate aftermath The South leads the way in planning
with % of respondents claiming to have a plan before weather strikes and % having
a plan for after the storm
Those living in hurricane zones are also planners with % having a prestorm plan and
% having plans for when the weather clears
About three in Americans who do not have plans for before and after an extremeweather event would appreciate additional information to help them prepare
Reducing common but serious risks
Most Americans take steps to reduce common but potentially deadly hazards Accordingto the survey % say they perform annual safety checks on their cars while % say
they are always on the alert for distracted drivers and pedestrians In the home % say
they use carbon monoxide and smoke detectors % also say they store food water and
flashlights to cope with bad weather or natural disaster More people are installing and
using burglar alarms as compared to
I have a plan for what
I should do BEFORE
I have a plan for what I
should do IMMEDIATELY
FOLLOWING
ALL ADULTS % %
NORTHEAST % %
SOUTH % %
MIDWEST % %
WEST % %
TORNADO ALLEY % %
HURRICANE ZONE % %
BRUSH FIRE AREA % %
BLIZZARD AREA % %
CITY % %
SUBURBS % %
SMALL TOWN/RURAL AREA % %
RISK MITIGATION/PREPARATION STEPS TAKEN% who have done this activity
Annual car safety check tires parts fluids etc
Install carbon monoxide and smoke detectors
%
%
Always alert to distracted drivers/pedestrians
Store food/water/flashlights for extreme weather natural disaster
%
%
%
%
%
%
Annual review of auto insurance coverage
%
%
Evacuation plan for extreme weather disaster
%
%
Install/use burglar alarm
%
%
Have home/apartment inspection for structural electrical physical risks
%
%
pts from last year
pts from last year
% who dont have a plan would appreciate information to help them prepare
% who dont have a plan would appreciate information to help them prepare
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