UK Wedding News
16/07/2014
A new report has revealed the way families are raising children has changed over the last fifty years.
According to Aviva's latest Family Finance Report, it was found that since the 1960s and 70s, the number of stay-at-home mums has almost halved as a result of families adapting their routines and parenting styles, using a mix of grandparents, nurseries and part-time work.
The report looked at three different generations: Generation X – born between 1965 and 1980, Generation Y – born between 1981 and 2000, and Generation Z, born from 2001 to 2014.
From Generation X, 62% of families had a mum who was a full-time homemaker, but this falls to 32% for Generation Z. In addition, over the same period, the amount of families relying on two full-time incomes increased from 11% to 22%.
When it comes to being the breadwinner, more females are assuming this role, while the number of families where both parents are said to be equal earners also rose.
Within the last five years alone, the cost of childcare has increased by 27% - this results in today's parents paying £1,214 more in 2014 than in 2009. However, the percentage of families that use no childcare at all has declined significantly. For example, 60% of Generation X parents did not need childcare for their offspring, but just 33% of Generation Z parents said the same. And while a quarter of Generation Z parents make use of nursery-based childcare, just 10% of Generation X parents said the same.
Unpaid childcare, which tends to be provided by grandparents, has also increased. 22% of Generation X parents relied on grandparental childcare, while 29% of Generation Z parents do.
Elsewhere, the report found that while 70% of mothers still take on the majority of responsibilities when it comes to looking after the children, the figure has fallen from 83% of Generation X parents. Six out of 10 parents across each generation also believe that today's parents are fortunate to be able to combine their family and work life. Some 77% felt that fathers today are also more hands-on with their children, while 80% admitted that father's today are lucky to have more chances to spend time with their offspring.
Commenting on the report, Louise Colley, Protection Director for Aviva, said: "Family life has changed massively in the last fifty years, with many fathers taking a more hands-on role in the home, while mothers go out to work.
"In many ways, this has had very positive repercussions, with families enjoying an increased living standard thanks to dual incomes, and parents enjoying a shared approach to childcare.
"However, parents should be vigilant to ensure that their finances adapt to changing family circumstances. Whether this means ensuring that the financial contribution of both earners is protected against illness or unemployment, or putting strategies in place to deal with rising childcare costs, the dual-income family has its own financial pressures that must be considered."
(JP/IT)
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Family Structures Have Changed – Report
A new report has revealed the way families are raising children has changed over the last fifty years.
According to Aviva's latest Family Finance Report, it was found that since the 1960s and 70s, the number of stay-at-home mums has almost halved as a result of families adapting their routines and parenting styles, using a mix of grandparents, nurseries and part-time work.
The report looked at three different generations: Generation X – born between 1965 and 1980, Generation Y – born between 1981 and 2000, and Generation Z, born from 2001 to 2014.
From Generation X, 62% of families had a mum who was a full-time homemaker, but this falls to 32% for Generation Z. In addition, over the same period, the amount of families relying on two full-time incomes increased from 11% to 22%.
When it comes to being the breadwinner, more females are assuming this role, while the number of families where both parents are said to be equal earners also rose.
Within the last five years alone, the cost of childcare has increased by 27% - this results in today's parents paying £1,214 more in 2014 than in 2009. However, the percentage of families that use no childcare at all has declined significantly. For example, 60% of Generation X parents did not need childcare for their offspring, but just 33% of Generation Z parents said the same. And while a quarter of Generation Z parents make use of nursery-based childcare, just 10% of Generation X parents said the same.
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Unpaid childcare, which tends to be provided by grandparents, has also increased. 22% of Generation X parents relied on grandparental childcare, while 29% of Generation Z parents do.
Elsewhere, the report found that while 70% of mothers still take on the majority of responsibilities when it comes to looking after the children, the figure has fallen from 83% of Generation X parents. Six out of 10 parents across each generation also believe that today's parents are fortunate to be able to combine their family and work life. Some 77% felt that fathers today are also more hands-on with their children, while 80% admitted that father's today are lucky to have more chances to spend time with their offspring.
Commenting on the report, Louise Colley, Protection Director for Aviva, said: "Family life has changed massively in the last fifty years, with many fathers taking a more hands-on role in the home, while mothers go out to work.
"In many ways, this has had very positive repercussions, with families enjoying an increased living standard thanks to dual incomes, and parents enjoying a shared approach to childcare.
"However, parents should be vigilant to ensure that their finances adapt to changing family circumstances. Whether this means ensuring that the financial contribution of both earners is protected against illness or unemployment, or putting strategies in place to deal with rising childcare costs, the dual-income family has its own financial pressures that must be considered."
(JP/IT)
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