Britons would rather spend their money frivolously than use it to protect their own family, advisers say.
And there is a shocking lack of knowledge about what protection is available, with two-thirds of adviser saying Britons don't understand protection.
The survey, by Cirencester Friendly, also show that four out of 10 Britons don't think they need protection at all.
One in three advisers said cost was an issue, while 12% blamed lack of understanding.
The responses show there is a need for more consumer education and awareness about protection products, said John Bridge, director of sales and marketing at the mutual.
“Some advisers have said they have found their clients would rather pay for satellite TV than spend money to protect their family. There has been a clear culture shift in the last 10 years in the UK, and it is interesting to see that these days many will insure their pet rather than their income or family."
Many people still confuse PPI with income protection, he said. "More needs to be done to educate consumers on the differences between PPI and other protection products and why it is important to protect yourself from illness or accidental injury.
“An estimated 638,000 people annually suffered a workplace injury last year and an estimated 500,000 people suffered a ‘new’ work-related illness, according to the Health and Safety Executive.
"When answering our annual survey, advisers said they found many consumers believe if they suffer an injury or illness the government will pay them.
“While the government may pay you some benefits, it does not mean you will receive your usual salary. If for example you look at Employment Support Allowance a claimant may receive as little as £100.15p per week to pay the mortgage, bills and provide things like food and clothing for their family.
"When you consider that the average weekly income in the UK is around £398.28 after tax and National Insurance you can quickly spot the financial difficulty this would leave someone in."
Bridge said income protection is as essential as buildings insurance and anyone who relies on earning an income to pay the bills should have it.
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