Parents issue damning verdict on childrenís financial future


January 2014

Parents issue damning verdict on childrenís financial future

Over 40% of British middle class parents believe that their offspring will be worse off financially in the future than they are themselves, a government report has found.
Charity organisation 4Children conducted a study on behalf of the government that was intended to gauge parental attitudes towards the financial future of the country.
And the results clearly display a pessimistic trend among a large proportion of adults across the UK, with it being identified that almost 50% disclosed that they believe financial demands on families to be harder now than two decades ago.
Intriguingly, a larger percentage of middle class parents displayed concern about the financial future of their children than those from the countryís lowest earners, despite there being a higher level of financial stability within the lives of the former.
Earlier this month, social mobility secretary Alan Milburn, argued that a large proportion of younger people growing up in todayís society will have a worse standard of living than the generation before due to the rising cost of living and the difficulty it takes nowadays to acquire a home for a young person.
If this happens, it would be the first time in almost 100 years where an older generation has exceeded its successors in terms of standards of living, and would place serious question marks about how far the economic recovery has truly taken grip in the UK.
4Children have argued that the occurrence is a result of financial policy in the UK failing to keep up with new demands on British families today and has resulted in a wealth  gap that pressingly needs addressing to ensure the financial wellbeing of UK young workers in the future. 
ëFamily friendly Britain neededí
The standard of living of people in the UK will undoubtedly dominate political discussion in the next year, with all political parties likely to try and present themselves as ëfamily friendlyí with the 2015 general election looming on the horizon.
4Children have disclosed a number of proposals for government policy to try and attain this, such as improving childcare opportunities for young parents and increasing grandparentís ability to take time off work to care for children whilst parents work. 
Parents who are currently earning over the national average comprised the most pessimistic group of those who were polled with 42% identifying they believe their childrenís will have a worst standard of living than they currently enjoy in the future. 
 ìIt is deeply worrying that a third of todayís parents believe that their children will have a worse life than theirs as it goes against the natural instinct of all parents to hope for better,î said Anne Longfield, the chief Executive of 4Children.
ìParenting today can be really hard, juggling the increasing pressures of modern life with the demands of family life. So parents need public services that work with them not against them, allowing them to fulfil their family responsibilities.

ìIf the Prime Minister is serious about his vision of making Britain the best place to raise a family, then he needs to make sure that all families are able to flourish, with help available when needed from services that empower and support parents to be the best that they can be."  

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