New research has shown that young parents are concerned that they will be unable to provide for their children’s financial future.
The latest AXA Big Money Index, which surveyed 2,043 UK adults, found that 49 per cent of those in the 25-34 age group would feel they had failed as a parent if they could not contribute financially to key milestones in their child’s life.
But 39 per cent doubted they would be able to provide for their children in the same way that their parents provided for them when they were growing up and 26 per cent were sure they would not.
The research, published on 13 September, also found that 40 per cent had received financial help for university from their parents and 29 per cent had assistance with purchasing a first car. However, more than a third (35 per cent) said they would be unable to contribute financially to their children’s own important life events.
Commenting on the research, personal finance expert Sarah Willingham said: “As a young adult and a child of the eighties, my parents helped me out during a time of relative prosperity, and I have always wanted to be in a position to do the same for the next generation. As a mother to four young children, I am already thinking about the ways that I hope to be able to help them out as they get older.”
Andy Zanelli, AXA’s savings and pensions expert, said: “On a more positive note, respondents are taking financial matters into their own hands. Seventy-eight per cent of people believe that consumers in the UK need to take more responsibility for managing their money during times of austerity.
“With our research seeming to show that levels of debt are beginning to take a downward turn, this trend for financial responsibility is having a significant impact on our own personal finances.”
The Big Money Index reveals consumers’ attitudes to money and provides a snapshot of consumer spending trends in the UK, examining how spending and financial behaviour are changing over time. Other findings included:
- 82 per cent of those surveyed have a clear picture of how much they receive and what they pay out each month
- 21 per cent feel their financial situation has improved over the past three months with 25 to 34-year-olds the most optimistic (30 per cent)
- debt per head decreased from an average £4,872.75 in December 2012 to an average £3,563.28 in June 2013, down £1,309.47
- consumers are saving, on average, £46.77 per month more than last year (mean monthly savings and investment is £233.98).
