People in the UK are among the least likely to view work as very important in their lives and to think it should always come first, research has shown.
The British public is also more likely now than 40 years ago to say that it would be a good thing if less importance was placed on work, according to the survey, but there are differences in attitudes between the generations.
More than half of UK millennials – people in their late 20s to early 40s – who took part in the World Values Survey in 2022 said it would be a good thing if less importance was placed on work, up from 31 per cent in 2005.
The survey focused on data collected from people in 24 countries.
The results, analysed by the Policy Institute at King’s College London, found that views among the two oldest generations went in the opposite direction, with only a third (34 per cent) of people aged in their late 50s to late 70s and a fifth of the pre-war generation (22 per cent) thinking it would be a good thing if less importance was placed on work.
Overall, 73 per cent of people in the UK said work was very or rather important in their lives, which put them slightly behind Russians and Canadians.
The Philippines, Indonesia and Nigeria all had 97 per cent or more respondents saying work was very important in their lives.
A little more than a fifth (22 per cent) of people in the UK said work should always come first, even if it means less spare time, ahead of only Australia, Canada and Japan.
Between 1981 and 2022, the share of the British public who said it would be a good thing if less importance was placed on work rose from 26 per cent to 43 per cent.
Almost four in 10 UK survey respondents said they believe hard work usually brings a better life, and the proportion who said they think both hard work and luck are equally important for success rose from 40 per cent to 49 per cent between 1990 and 2022.
“The UK is among the least likely from a wide range of countries to say work is important to their own life, that it should be prioritised over spare time or that hard work leads to success and that not working makes people lazy,” said Bobby Duffy, director of the Policy Institute at King’s College London.
He added that there were different views between generations in the UK, with older generations more likely to say work should be prioritised.
Millennials have become much more sceptical about prioritising work as they have made their way through their careers, he added.
“There will be a number of explanations for these shifts, from the nostalgia that tends to grow as we age, in thinking younger generations are less committed than we were, and the long-term economic and wage stagnation that will lead younger generations to question the value of work,” he added.
“But the data also shows a long-term shift in preferences for work-life balance across a wide range of richer countries, where over the last 40 years across many major economies, more now say that it would be a good thing if less importance was placed on work.”
A total of 3,056 adults were interviewed by Ipsos in the survey through a mix of face-to-face and online methods. The researchers said analysis of trends excluded Northern Ireland as there was a lack of available data.
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Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
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On sale: now
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Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
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