Financial future of the next generation
Looking beyond the broader impact of Brexit, Parentdex also explored the views of mums and dads across the UK on what the financial future could hold for their children post-Brexit.
Those parents polled were largely pessimistic about their child’s financial future and over a third (35%) admitted that they were not at all optimistic about their child’s financial future. Perhaps unsurprisingly, this pessimism was much more marked amongst left-leaning voters, with just 15% of Labour and 14% of Liberal Democrat voters stating that they were optimistic about their children’s financial future.
As less than a third (31%) claim they are confident in the current economy, more than half of all parents across the UK (61%) also believe that they will need to provide more financial support to their children than they received from their parents. In fact, 45% of those parents polled expect to provide financial support to their children after the age of 21.
As the housing affordability crisis continues to be a major issue, over half (51%) of parents admitted they would like to help with a deposit for their children’s first home but are unable to – highlighting a stark contrast between good intentions and means. However, the poll also found that parents are eager to give their children a helping hand in a number of other areas, with almost half stating they hope to help with rent and higher education (47%) and over a third with utility bills (37%).