Study: Cost of living tops parents’ fears for children’s futures

The cost of living is continuing to top parents’ fears for their children’s futures – while future pandemics and global instability are of little concern, an annual survey suggests.

Two in five parents (42%) said the cost of living was their top fear for their children’s future, up from 37% last year, according to Wealthify’s ‘Hopes and Fears’ research.

This was followed by mental health (37%), social issues and bullying (28%) and social media (28%).

The cost of living was also the most common fear for the future among 16 to 18-year-olds (45%), followed by worries about mental health (32%).

Fears associated with climate change were of more concern for parents (24%) than teenagers (16%), while levels of worry about social issues or bullying (8%) and social media (10%) were also much lower among youngsters than their parents.

Issues around crime also made the top 10 fears for parents in 2024 for the first time (24%), significantly up from 13% last year.

Worries about future pandemics or global health crises are relatively low on the list of concerns for both parents (10%) and young people (6%).

Global instability and war also do not make the top 10 concerns, with just 15% of parents citing it as a concern for their children’s future – similar to last year’s figure of 12% – and only 12% of 16 to 18-year-olds naming it as a major worry.

Teenagers are more likely to cite not being able to buy a house (36%), or their savings and finances (42%), as major fears for their futures, while just a quarter of parents (26%) raised the ability to buy a house or build savings and finances as a major fear for their children’s futures.

Michelle Pearce-Burke, co-founder of Wealthify, said: “Given the tough economic environment over the past few years, it’s not surprising that worries about the cost of living continue to dominate parents’ and young people’s outlook.

“Even though we’re starting to see a light at the end of the tunnel for the economy, the cost of living is still a painful issue around the country and many people are significantly worse off than they were a few years ago.”

Published: 04/08/2024 by Radio NewsHub