Cost of living fears top concerns for parents, survey suggests

Fears about the cost of living outweigh those of mental health, climate change, social media and bullying for a third of UK parents, a survey suggests.

Almost a quarter of parents (24%) said finances and savings were a key concern for their children’s futures but just 9% said they were worried about having enough money to help them, suggesting that they expect cost of living pressures to affect their offspring more than themselves, investment platform Wealthify said.

Some 37% said the cost of living tops their list of fears for their children, followed by mental health (33%), climate change (25%) and social issues and bullying (24%).

Larger-scale world issues ranked much lower, with just 12% worried about war and conflict, 10% concerned about poverty and 8% about racism.

Despite a quarter of parents (25%) noting climate change as a key concern for them, just 8% said they hoped their children would protect the planet to the best of their ability and 9% hoped that climate change would not be an issue for them.

More than a third of parents (34%) said they were more protective of their aspirations for their children than their parents or grandparents had been for them.

Almost a quarter of parents (24%) said they believed they were more money-driven in their hopes and fears for their children than previous generations.

Wealthify co-founder Michelle Pearce-Burke said: “With the cost-of-living crisis dominating everyone’s minds at the moment, it’s no surprise that mums and dads are now concerned about the knock-on effect this will have on their kids.

“With this, on top of mental health, climate change, bullying and social media concerns – and the rest – it’s a no-brainer that parents are wrought with anxiety for their children’s’ future.”

Opinium surveyed 1,000 UK parents of under-18s between November 15-23.