2014 Travelers Consumer Risk Index.pdf

8/11/2019 2014 Travelers Consumer Risk Index.pdf

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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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Documents

2014 Travelers Consumer Risk Index.pdf