[INSIGHTS REPORT] Setting a Good Financial Example For Kids Is A Top Concern For Parents
We ran a two week insights project asking parents about life assurance, pensions and investments. We asked them to answer questions, actively share their opinions and give detailed commentary around planning for their financial futures. We discovered that two-thirds of parents (67%) are concerned they have saved enough for retirement. Read on to find out more Insights from Parents about Life, Pensions & Investments and to download our free highlights report.
Would you like business-transforming insights for your brand? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help your decision making and activate customers. Contact us now to find how we can help.
This month’s Insights Report gives feedback from parents and insights into their views on financial planning, including pensions, life assurance and investments.
Key Insights from Parents on Life, Pensions & Investments
To gather these insights we ran an online survey on Mykidstime.com in July 2021 with 745 responses from parents and an in-depth insights panel carried out on our ParentsandBrands private platform, also in July 2021 with 30 panel participants.
Here are some of key insights to come out of the report:
- 37% of the parents we asked told us that their child/teen has a savings account with a credit union.
- 32% of those asked said that they regularly put savings away towards their retirement.
- 69% of parents have life cover as part of their mortgage.
A Selection of the Feedback from Parents on Life, Pensions & Investments
“Financial wellness to me means having enough money to pay the bills and having an emergency rainy day fund for the things that break down. Just having enough to keep going.”
“My main concern with using a financial advisor is that many are not independent/work on commission and so won’t necessarily offer the best options for clients. Secondly, the small amount I save may not justify the fee charged by totally independent advisors.”
“I would love to have a pension but I find the whole area of pensions very difficult to understand.”
Key Recommendations for Financial Service Providers
- Clear and easy-to-understand information and tools to help parents with financial choices will help build brand trust.
- It is important to build trust with parents for them to consider you for financial services. Recommendations are always key so getting other customers to recommend is a good way of bringing new parents to you.
- Can you offer an online calculator to help parents understand better their family financial state and what measures they need to take to improve it?
Download Our Free Highlights Report
For a snapshot of insights from parents with highlights of what they were telling us and recommendations, download our free highlights report on Life, Pensions and Investments.
Would you like business-transforming insights from parents for your business? Use our tailored panels of engaged parents and our dedicated private platform to gather critical insights to help influence consumers to deliver long term profitability. Contact us now to find how we can help.