The value of a parent - Legal & General

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INTRODUCTION – VALUE OF A PARENT 2013 research
INTRODUCTION.
Welcome to Legal & General’s Value of a Parent 2013 research
report. We’ve been researching the value of a parent for over
30 years, tracking changes in parents’ behaviours and
attitudes towards domestic work.
Parents may tend to take their wages into account when
deciding on a level of cover, but they often don’t consider the
unpaid domestic work they do. If either parent were unable
to work or carry out the tasks around the home due to death
or illness, how would they or their partner cope financially?
Would they be able to afford to pay someone to help, or give
up work altogether, to do them? It’s crucial that this is taken
into account.
They don’t expect to be paid for this work, but if they were
how much would it be worth? That’s what this research sets
out to do – to find out the insurance value of the unpaid work
that a parent does around the home.
We believe this research will help you have the more difficult
conversations with your clients in order to help them be more
financially prepared.
OPPORTUNITIES.
Some of the areas explored in the research include:
• The costs of raising children.
• Parents’ lifestyle, including online and social media usage.
• Financial priorities, focusing on how parents prioritise
their finances and whether they’re putting long-term
financial plans in place.
• Grandparents and the role they have in the modern family.
• State benefits and the role parents think they have in
financially supporting their family.