New York Life | April 18, 2023
According to New York Life's latestWealth Watch survey, almost 9 in 10 (89%) parents feel confident in their ability to financially provide for their children, despite ongoing economic pressures. Similarly, more than 8-in-10 (84%) parents feel confident their children will be financially secure, and 60% of parents say their children will be better off than they are in the future.
But what about inflation and rising costs?Amid an optimistic outlook,the survey found that73% of parents are having trouble keeping up with current expenses. The top financial difficulties parents reported were paying bills in full (30%), paying bills on time (29%), and building savings (28%).
Parents in the Sandwich Generation (caring for children and aging relatives) are slightly less confident about their ability to provide financially for their aging relative (72%) in comparison to their children (86%).
Parents are building financial resiliency:
- Among parents who saytheirchildcare and/or caregiving costs have increased, they are offsetting those increased costs by cutting back on other expenses (34%), working from home/hybrid model of work (23%), and having family members/friends help provide care (22%).
- 59% of parents say their financial strategy has changed due to life events in the past year, compared to 41% of non-parents. Among those who have changed their financial strategy, parents are investing more (17%), saving more (38%), and building a cash reserve (15%).
- Parents are also leveraging financial solutions on behalf of their children. In fact, 70% of parents report having opened financial products for their children with savings accounts (41%) and checking accounts (28%) being the most popular.
Go deeper:To learn more about how families are navigating their personal finances, view the full Wealth Watch reporthere.
SURVEY METHODOLOGY
This poll was conducted between March 14-March 17, 2023, among a sample of 4,412 Adults. The interviews were conducted online. Results from the full survey have a margin of error of plus or minus 1 percentage points.
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