It’s common at this time of year for families to look to save money and reduce household spending following the expense of the festive period. But are consumers considering their long term financial position?
To find out parent’s attitudes to financial planning, Legal & General asked 1,000 families with children under the age of 18 without life insurance, some questions about their long term financial planning.
Worryingly 51% of respondents didn’t know how their families would cover housing costs should they die unexpectedly, potentially putting many families at risk of losing the family home. Moving forward, this could become even more of a concern considering that rent costs and house prices continue to rise. It’s forecast that rental prices will rise 19% between now and 2021, further putting pressure on the household purse.
