Financial worries caused by the recession are having a big impact on families’ plans for the future, according to new research from Family Investments, the trusted supplier of financial solutions for the family.
United Kingdom (PRunderground) May 22, 2009– Financial worries caused by the recession are having a big impact on families’ plans for the future, according to new research from Family Investments, the trusted supplier of financial solutions for the family.
In a survey of over 300 parents, 38% said that fear of redundancy or pay cuts is not just making them reconsider big life decisions such as taking on a mortgage but also having children and getting married. Almost 60% said that they are worried about bringing up a child in a financially unstable world.
The survey shows many parents and parents-to-be are unaware of the financial help that is available to them. More than three-quarters (78%) of the parents surveyed were unaware that Child Tax Credits had increased in April.
Financial constraints are also having a more immediate impact on families’ spending plans with 29% saying they will holiday in the UK this year, 40% saying they will spend more time eating at home as opposed to eating out and 36% reducing the amount they spend on presents or treats for their children. However, saving for the future remains important to most parents with 40% saying they are continuing to save at the same or a higher rate than in the past. Child Trust Funds remained a popular method of saving with 87% of parents saying they will continue to top up their CTF at the same or higher rate.
Kate Baker, Head of Savings and Investments at Family Investments says: “Many potential mums-to-be are clearly worried about the financial implications of having children, particularly in such an uncertain economic climate. However, there is help available to parents and they need to make sure that they are taking full advantage of this. For example, many parents are unaware of the new £190 Health in Pregnancy Grant introduced in April which expectant mums can claim from the 25th week of their pregnancy.”
To help parents find out what financial support is available to them, as well as plan for their child’s future, Family Investments has launched moneyformums.co.uk, a free service that provides a practical money guide and family finance information for parents.
Kate Baker adds: “Recessions always hit families hardest and many are suffering from the loss of one or even both incomes. However, it is encouraging to see that most families are responding to this by cutting back on their spending rather than savings.”
About Family Investments:
• Family Investments is the trusted supplier of financial solutions for the family.
• Family Investments currently looks after around £1.6 billion of family money for over 1m people in the UK
• Family Investments is a mutual with over 30 years experience providing investments for families. We are owned by our customers which means that we are directly answerable to them
• Family Investments is the UK’s favourite Child Trust Fund provider with more than 600,000 Child Trust Fund accounts
• Family Investments has a dedicated website, Moneyformums.co.uk, which provides free financial information to parents
• Our expertise is widely trusted and recognised, which is why we’ve been chosen to provide the Child Trust Funds of these high street names; Abbey, Barclays Bank, Post Office, Sainsbury’s Bank, Yorkshire Bank, Bradford and Bingley, Clydesdale Bank, Coventry Building Society, Early Learning Centre, Northern Bank and Skipton Building Society and additionally provide Post Office Isas
• Family Investments is the trading name of Family Assurance Friendly Society and is authorised and regulated by the Financial Services Authority
• Money for Mums provide information to help pregnant mums stay on top of their family’s finances
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CONTACT INFORMATION:
Contact Name: Kate Baker
Phone #: 01273 7768840
Email: moneyformums.artavia@googlemail.com
Web: http://www.moneyformums.co.uk/
Please direct all questions to the person listed under “contact information” above. PRunderground does not represent this company, we are simply the distributor of this release.
