More than £7,000 worth of digital goods could die with every millennial
30 September 2016
Ahead of Free Wills Month in October, new research from Royal London reveals more than £7,000 of digital goods could die with every millennial (18 to 34 year olds).
Owners of digital-only goods are being urged to consider their digital legacy, with just two in five (39%) millennials understanding that when you buy digital-only goods, like e-books, digital music or films, in many cases you are only buying a licence to access them. This means that they cannot be passed on when you die as access to digital goods dies with the individual who bought them.
Today’s millennials are the biggest consumers of digital goods, which have only widely been available for around a decade. Analysis from Royal London shows millennials on average spend £11.06 a month on digital goods, such as e-books, music and films, making them the biggest spenders. Over the course of a lifetime, this means that someone aged 34 today could build up a digital legacy of up to £7,700 which cannot be passed on to friends and family.
On hearing that they lose ownership of their digital films, music or e-books on death, one in four (25%) millennials said they will now consider buying more CDs, DVDs or physical books instead of downloading them. A smaller number said they will now also check the licenses before they buy any digital goods (5%) or invest in other services such as streaming music or films (8%).
Royal London’s consumer spokesperson, Mona Patel, said:
“With today’s millennials living in a digital age it is not surprising that they are spending thousands of pounds on digital downloads, such as e-books and music. Many may be surprised to know that some of these purchases cannot be passed on, as rights to access the goods dies with them. While this may prompt some consumers to change their buying behaviour we also hope it will make people take stock of the goods they do own which can be left to loved ones and consider including them in a will. We appreciate that for many millennials the need for a will may feel like a lifetime away but as with all things financial you can never start planning too early.”
- ENDS –
For further information please contact:
0207 506 6585
Notes to editors:
- Opinium on behalf of Royal London surveyed 2,002 adults between 13 and 15 September. The sample has been weighted to reflect a nationally representative audience.
- Free Wills Month in October allows over 55s to have their simple wills written or updated by participating solicitors in England, Scotland and Wales. For more information, visit http://freewillsmonth.org.uk/
- Data from Ofcom shows digital usage of films, books and music has been steadily on the rise for a number of years, with the sale of digital goods growing by more than 11% since 2014 and accounting for more than 46% of the market. In TV and films, the ‘download to own’ market, where customer can download a film or TV show and watch it as many times as they like, has grown from £33 million in 2009 to £155 million in 2015. Last year the use of e-books made up almost 31% of the book sales market.
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with Group funds under management of £93.8 billion. Group businesses provide around 9.1 million policies and employ 3,106 people. (Figures quoted are as at 30 June 2016).