Published on June 18th, 2014 | by Parenting Solo0
It’s official – single parents are savvy purchasers
As single parents, we are all too aware that being the sole controllers of the purse strings means being very judicious about financial planning – and now our savvy buying and saving ways have been officially recognised!
New research suggests that lone parents are the most self-reliant when it comes to trusting their own judgement when making significant purchasing decisions. This assurance starts with the weekly food shop, and plays out in all other major purchasing decisions.
The figures come from the latest ‘Buying Britain’ research commissioned by AXA Self Investor, part of AXA Wealth, a study which explores consumer confidence and shopping strategies across a range of lifestyle purchases.
The researchers found that single parents self-reliance could stem from them having the most concerns about their financial future – AXA found that overall, compared to other family set-ups, 73 per cent of single parents were likely to worry about having some sort of financial burden 10 years from now. They were also most likely to be concerned about repaying their mortgage (15 per cent) and university costs (18 per cent) . Worryingly, single parents were also found to be the group most likely to fear they would never be able to retire (14 per cent).
Gordon Hull, director, AXA Self Investor, said that single parents emerged from the research as ‘extremely shrewd and self-reliant’ in the purchasing decisions they make.
“Despite not always having a ‘significant other’ to consult, they are not falling behind when it comes to making investment choices,” he said. “They broadly match the national average in confidence when buying investments and more than half of them would choose to invest their own time researching what decisions to make.”
He added that ‘unlike single parents’, many British adults that are confident buying lifestyle items, lose their assurance when it comes to financial planning.
“Single parents are a role model for others on how to apply the budgeting savviness they have with everyday purchases, such as the weekly food shop, into the world of investment,” he said.
Role models, eh? Get us!