Millions of British children could be left in poverty as parents fail to provide financial protection for their children if they were to pass away or become critically ill, reveals research by protection specialist Bright Grey. As family finances continue to feel the pinch, British parents have admitted to leaving their children's financial security to chance.
Over 7 million UK parents believe they do not have adequate financial protection in place to look after their dependent children if they died or became ill. Being time-short or budget stretched could be preventing parents from taking action.
More than 1.6 million parents have never thought about how their family would survive financially if the worst happened. One in 10 expect their children to live off family savings but with the average person having saved just £2.84 per day, or £1,000 last year, this could be a short-lived security blanket.
Roger Edwards at Bright Grey says "People don't want to think about the financial consequences of themselves or their partner not being around, but it is one of the most important areas of your finances to get right, especially if you have a dependent family. It is worrying that so many families admit to not having sufficient protection in place, but are doing very little to address this. People might be shying away from sorting out cover because it seems a time consuming task or an expense they don't need at the moment, but the cost of life cover has fallen recently.”