Family Finances Report is out and it shows that three main things are affecting families in the UK right now.
1. Family life is changing
The report shows that the days of the traditional 2.4 family are long gone. Instead, there's a growing diversity thanks to cohabitation, separation/divorce and remarriage.
Being involved in past relationships teaches families valuable lessons about managing money. But families are still leaving themselves unprotected. One in three families with children from past relationships gets financial support from an ex-partner.
Of these, 33% rely on it to make ends meet and 38% would have to make major cutbacks to manage without it. However, only one in four know for sure that their former partner has financial protection. Of the rest, 18% know there's definitely not any protection in place, while 30% fear this is the case.
2. Worries are on the up
With well-publicised increases in energy costs, it's no surprise that families are worried about rising living costs.
However, they're also worried about unexpected expenses like car repairs or boiler breakdowns. Falling seriously ill is also another major concern.
27% report falling seriously ill is a concern (an increase of 9%). The good news, however, is that families are taking steps to protect against the unexpected.
29% more families now have a will (an increase of 4%) and the number of families with no financial plans for the future has fallen from 28% to 25%.
3. Saving - and spending - is down
The number of families not saving anything at all has increased.
What's more, for an increasing number of those families who do manage to save, it's simply not enough. In a bid to get their finances under control, families have made cutbacks to non-essential items.
The number of families not saving anything at all has increased (32% up from 31%).
What's more, for an increasing number of those families who do manage to save, it's simply not enough: 40% (up from 28%) have less than a month's salary to fallback on and 30% (up from 14%) have a saving pot of less than £500.
Starting the protection conversation
The Family Finances Report clearly shows that UK families today are facing growing financial fears. Talking about protecting your family income, could help to manage any unexpected changes that may come your way. And, of course, we can address some of your worries about becoming seriously ill by helping you put protection in place.
1. Family life is changing
The report shows that the days of the traditional 2.4 family are long gone. Instead, there's a growing diversity thanks to cohabitation, separation/divorce and remarriage.
Being involved in past relationships teaches families valuable lessons about managing money. But families are still leaving themselves unprotected. One in three families with children from past relationships gets financial support from an ex-partner.
Of these, 33% rely on it to make ends meet and 38% would have to make major cutbacks to manage without it. However, only one in four know for sure that their former partner has financial protection. Of the rest, 18% know there's definitely not any protection in place, while 30% fear this is the case.
2. Worries are on the up
With well-publicised increases in energy costs, it's no surprise that families are worried about rising living costs.
However, they're also worried about unexpected expenses like car repairs or boiler breakdowns. Falling seriously ill is also another major concern.
27% report falling seriously ill is a concern (an increase of 9%). The good news, however, is that families are taking steps to protect against the unexpected.
29% more families now have a will (an increase of 4%) and the number of families with no financial plans for the future has fallen from 28% to 25%.
3. Saving - and spending - is down
The number of families not saving anything at all has increased.
What's more, for an increasing number of those families who do manage to save, it's simply not enough. In a bid to get their finances under control, families have made cutbacks to non-essential items.
The number of families not saving anything at all has increased (32% up from 31%).
What's more, for an increasing number of those families who do manage to save, it's simply not enough: 40% (up from 28%) have less than a month's salary to fallback on and 30% (up from 14%) have a saving pot of less than £500.
Starting the protection conversation
The Family Finances Report clearly shows that UK families today are facing growing financial fears. Talking about protecting your family income, could help to manage any unexpected changes that may come your way. And, of course, we can address some of your worries about becoming seriously ill by helping you put protection in place.
