Date posted: 01/02/2024 5 min read

How Australians are tightening the purse strings

As the cost-of-living increases continue to bite, research suggests Australians are making some sensible financial decisions. Brought to you by NobleOak.

2023 was a challenging year for many. Higher interest rates and the rising cost of living left many homeowners struggling to keep up with mortgage costs, while rent increases in all major cities saw renters looking for new ways to tighten their purse strings.

But while it seems consumers would cut back on ‘just in case’ expenses such as insurance during times of uncertainty, NobleOak’s 2023 whitepaper** reveals that may not be the case.

Cutting back on nice-to-haves

Life insurance provider NobleOak surveyed more than 1000 Australians to understand what shapes consumer demand in times of financial uncertainty. It found that if Australians lost some or all of their income for an extended period, they would sooner cut back on holidays, entertainment costs, transport and education expenses than life insurance.

“In recent months, our global economy has encountered unforeseen obstacles, resulting in economic slowdown and fluctuations,” says NobleOak life insurance chief executive officer Anthony Brown. “During such times we recognise the need for support, financial security and protection.”

“Our global economy has encountered unforseen obstacles... during such times we recognise the need for support.”
Anthony Brown, NobleOak

Focus on value

The survey results also reveal that while Australians are opting to maintain life cover and income protection insurance, when it comes to finding the right insurer, Australians want value. In fact, 38% of ranked ‘good value for the cover offered’ as the most important factor to consider when purchasing life insurance, while 34% of survey respondents rated ‘lowest price’ as the main consideration.

According to NobleOak’s sample, trust was another important factor, with 73% suggesting they were reasonably confident their insurer would pay their life insurance claim, should it be required.

Options for CAs

Thankfully, NobleOak’s award-winning income protection insurance is both trustworthy and good value. Customers, including chartered accountants and their families, can insure up to 70% of their regular pre-tax income (up to A$30,000 per month), subject to some limits. If they find themselves losing an income due to sickness or disability, having income protection cover in place can help ensure families are not left with a major financial burden.

Similarly, NobleOak life cover can help the family with major costs such as mortgage and education fees at a time when they really need support most.

Furthermore, to help manage costs, NobleOak’s Premium Freeze benefit enables customers to fix the cost of their cover at any time by simply contacting NobleOak. Future premiums will be fixed at the amount you were paying on the date of notification, and the insured amount will be adjusted accordingly each year. (Please read the product disclosure statement, before making life insurance decisions.)

This means Australians can keep up with ongoing bills and everyday expenses – and cover those rising living costs.

Are you covered?

CA ANZ members should review their circumstances regularly to ensure they have the right cover for their life stage and needs. Australian CAs qualify for discounted life cover rates with NobleOak*. To get a quote today, visit:

Important information – please note, cover is available to Australian residents only. The Target Market Determination for NobleOak’s Premium Life Direct insurance is available at NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 issues the products. This information is of a general nature only and does not take into consideration your objectives, financial situation or needs. Always consider the product disclosure statement (PDS) available at: to see if the product is right for you.

*Discount – CA ANZ members are entitled to a 10% lifetime discount on NobleOak’s standard Premium Life Direct premium rates for its term life cover (10% discount applies to term life cover only). The offer(s) are available for new customers only and can be used only once. Not able to be used in conjunction with another advertised offer.

**To read the full NobleOak 2023 whitepaper: Australia’s preparation for financial uncertainty, visit: General advice in the material is provided by NobleOak Life Limited AFSL 247302. Chartered Accountants Australia and New Zealand (CA ANZ) does not provide any financial service or advice in connection with any NobleOak products. All products and services are provided by NobleOak Life, not by CA ANZ. CA ANZ is not a representative of NobleOak Life and accepts no legal responsibility for any advice given by or any act or omission of NobleOak Life. CA ANZ does not warrant that any of the information provided by NobleOak Life is accurate or complete. Before agreeing to acquire any products or services, you should read NobleOak’s PDS, terms and conditions and check whether you meet the eligibility requirements. CA ANZ is a marketing partner of NobleOak Life only and receives a marketing fee from NobleOak Life. If you have any questions, feedback or complaints about the products or services, you should contact NobleOak Life directly.