When I grew up, TV was in black and white as often as in colour and the Transformers were still cartoons.
Today, kids watch more YouTube than TV and socialise more from their bedrooms than we ever could as kids on BMX bikes. When we were young, our parents had two goals, which they would measure success at parenthood:
- We grew up with a career
- We had our own place to live
Times are changing in the UK. Homeownership is less likely for children of the noughties and careers are different too. The economy revolves less around what we call traditional career paths in industries such as manufacturing and roles where people worked together in large teams.
The UK is becoming deindustrialised. As adults, we still work in large teams, but we communicate differently. Office workers are more likely to use digital communication tools such as Slack or Google Chat than pick up a phone, walk to another desk or hop in the car to chat with a team member.
So what are Dad’s doing for their kids that’s different today?
There are two key areas to focus on:
- Personal development
- Financial provision
Personal development today, means less Meccano for toys and more PC, tablet and phone. Kids today have to embrace technology far more than we ever did while growing up.
Knowing how to use group chat and YOLO, may seem unimportant to adults, but they are the communication tools of today. The use of this tech is even more important than growing up with a landline was for us in the eighties.
Homeownership was the way in which parents provided for their children’s future. Not anymore.
The ability to bequeath property was a good way to ensure your family had all it needed to weather a financial storm. The ability to release equity from property has also been a way to raise large funds for anything from a deposit on a child’s first home to a lavish wedding reception.
Today parents are turning to investments and life insurance policies to make sure children have all that they need. Life insurance ensures children have all that they need in the event of an early death in the family and investments pay for the things where equity in property is not an option.
Investing in property still out performs saving at the current rate of interest, but like all investments, there are elements of risk.
Why Life Insurance is so Attractive
As a parent in your forties, you may take your first step on the property ladder much later than our parents did.
This means that the equity mentioned above, will not be available for many years. If you die tomorrow, instead of security, your family could face large debts. Life insurance is best way to ensure your family not only has enough to pay off outstanding mortgages, but can also life comfortably until they are financially independent.
Give us a call on 0800 862 0949 or get a selection of life insurance quotes here.
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