UK Wedding News
10/06/2014
The research, which is part of the 'Buying Britain' research commissioned by AXA Self Investor, part of AXA Wealth, found that while the number of single-parent families has tripled in the last 40 years, they have more confidence when it comes to making lifestyle purchases, when compared to other family groups. This is despite pressures of living from a single income, as well as maybe not having a partner to discuss financial decisions with.
The survey compared responses across a range of family units including single parents, civil partnerships, multi-generation homes, couples with no children and larger families with three or more children. It looked at how the different groups spend – and save – their money, in addition to their financial plans and worries for the future.
Among the findings, it has been suggested that single parents are the most self-reliant when it comes to trusting their own judgement in many of the significant purchasing decisions they make, from the weekly food shop, to other major purchasing decisions. The report also suggests that this self-reliance could be because single parents have the most concerns about their financial future. For example, single parents were the most likely family unit to worry about having some sort of financial burden 10 years from now, at 73%. They were also the group most likely to worry about repaying their mortgage (15%) and university costs (18%), and the most likely to worry that they would never be able to retire (14%).
Discussing the findings, Gordon Hill, Director at AXA Self Investor, said: "This research dispels notions that a good financial planner has a specific profile. Single parents emerge as extremely shrewd and self-reliant in the purchasing decisions they make – despite not always having a 'significant other' to consult, they are not falling behind when it comes to making investment choices. They broadly match the national average in confidence when buying investments and more than half of them would choose to invest their own time researching what decisions to make.
"Unlike single parents, many British adults that are confident buying lifestyle items, lose this assurance when it comes to financial planning. Single parents are a role model for others on how to apply the budgeting savviness they have with everyday purchases, such as the weekly food shop, into the world of investment."
(JP/CD)
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Single Parents Are Savvy Shoppers - Study
A new study has revealed that single parent families are the most savvy shoppers in Britain.The research, which is part of the 'Buying Britain' research commissioned by AXA Self Investor, part of AXA Wealth, found that while the number of single-parent families has tripled in the last 40 years, they have more confidence when it comes to making lifestyle purchases, when compared to other family groups. This is despite pressures of living from a single income, as well as maybe not having a partner to discuss financial decisions with.
The survey compared responses across a range of family units including single parents, civil partnerships, multi-generation homes, couples with no children and larger families with three or more children. It looked at how the different groups spend – and save – their money, in addition to their financial plans and worries for the future.
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Among the findings, it has been suggested that single parents are the most self-reliant when it comes to trusting their own judgement in many of the significant purchasing decisions they make, from the weekly food shop, to other major purchasing decisions. The report also suggests that this self-reliance could be because single parents have the most concerns about their financial future. For example, single parents were the most likely family unit to worry about having some sort of financial burden 10 years from now, at 73%. They were also the group most likely to worry about repaying their mortgage (15%) and university costs (18%), and the most likely to worry that they would never be able to retire (14%).
Discussing the findings, Gordon Hill, Director at AXA Self Investor, said: "This research dispels notions that a good financial planner has a specific profile. Single parents emerge as extremely shrewd and self-reliant in the purchasing decisions they make – despite not always having a 'significant other' to consult, they are not falling behind when it comes to making investment choices. They broadly match the national average in confidence when buying investments and more than half of them would choose to invest their own time researching what decisions to make.
"Unlike single parents, many British adults that are confident buying lifestyle items, lose this assurance when it comes to financial planning. Single parents are a role model for others on how to apply the budgeting savviness they have with everyday purchases, such as the weekly food shop, into the world of investment."
(JP/CD)
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