Three years of baked beans on toast and economy toilet roll will be the fate of future University graduates, as rising costs mean families are increasingly priced out of giving their children a University education without some serious cutbacks.
New research from Mumsnet, in partnership with Unum, reveals 31 per cent of UK families currently worry they won’t be able to support their children financially through secondary school or University. Almost three quarters of Mumsnetters say this is something that could worry them in the future.
Proactive financial planning
With such real concerns, parents are taking increasing control of their finances to do their best to safeguard the future of their family. Almost half of those who have a partner say they have monthly/regular discussions with them about their family finances and 78 per cent of those who keep track of their family finances do this by reviewing their bank statements every month.
Employee benefits overlooked
However, this good Money management at home is being let down by a lack of consideration of financial benefits offered through work. While 95 per cent say they are aware of the employee benefits they receive, over one-third of Mumsnetters fail to consider the benefits they get through their employer when planning finances.
Safeguarding your family’s future is a vital aspect of financial planning. But, most people don’t like to think about what would happen if they were unable to work for an extended period..."
Justine Roberts, CEO and Co-founder of Mumsnet, said: “Necessity means that lots of Mumsnet users have had to re-assess their spending over the past few years meaning many more are proactively managing their finances. It makes sense to also ensure employee benefits are factored into this planning, as some may be covered twice, under their own policy and their employer’s potentially throwing away hundreds of pounds a year.
Jack McGarry, CEO at Income Protection specialist Unum UK, said: “Safeguarding your family’s future is a vital aspect of financial planning. But, most people don’t like to think about what would happen if they were unable to work for an extended period due to illness or injury. Protecting your income with a benefit like Income Protection can at least take away the financial worry, whether that’s University fees, holidays or treats for the family.”
Unum commissioned Mumsnet to survey its members to understand more about how families plan their finances and gauge the awareness amongst families of the employee benefits they receive. Income Protection is one benefit that is best offered by your employer. It pays a monthly salary if you are unable to work due to illness or injury for more than six months.
Shabana Adam @Shabana_FAM