Parents fret their kids will be poorer and have more financial stress

Most Irish parents believe their children will be poorer as adults and suffer more financial stress than they did, a new study shows.

A campaign by Irish Life reveals growing concern amongst parents for the financial legacy they will leave to their children.

The research, conducted on behalf of the insurance company by RED C, shows that two thirds of parents believe that, despite having lived through a recession themselves, their children will face even more financial difficulties than they have.

An even larger majority (71%) of parents surveyed confirmed they are concerned their children will struggle financially as adults.

The research also shows that parents are starting to take steps to future-proof their children’s finances. Almost three quarters (73%) say they save for their children’s financial security while 60% have opened a savings account and 10% have put money aside for a wedding or house deposit for their offspring.

Irish parents are also educating their children in financial matters, with 69% showing them shopping bills to teach them about budgeting, and 59% encouraging them to budget their pocket money throughout the week.

When it comes to parents’ priorities for their children’s happiness, the research reveals that the most important things are completing their education, followed by financial security.

However, their children’s personal happiness trumps home ownership aspirations, according to the research — almost half (45%) say it is very important to them that their children find their soulmate and 38% say having a family of their own. This compares to just one in three (34%) saying home ownership is very important.

The survey is part of a campaign by Irish Life, which is owned by Canadian multinational Great-West Lifeco, to encourage parents to take out life assurance.

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