Finder’s Parenting Report 2021
Finder's research reveals how Aussie parents are managing their finances and how they are teaching their kids about money.
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Finder's Parenting Report 2021
Parenting has undergone quite the makeover in recent decades. Technology and smartphones are becoming a bigger part of kids' lives, and a growing number of children have savings accounts and even share trading accounts. More recently, the COVID-19 pandemic has had a profound impact on Australian parents. Learning to navigate caretaking and homeschooling amidst a global crisis, while also dealing with the effects of the recession on family finances, has made raising children more challenging than ever.
Finder's Parenting Report 2021 delves into the data and trends underpinning family finances. We surveyed over 1,000 Australian parents of children under 12 to find out how they manage their budgets with children, how they teach their kids about money and finance, and how they navigated pregnancy and birth, among other insights. Finally, Finder's experts offer their words of experience on how to navigate family finances.
Tips from the experts
Prepare for parental leave. You don't want to be stressing about having to go back to work as soon as your paid parental leave ends. Instead, try to save up early on, thinking about how much money you need for living costs while you're not at work. Having enough money to take 6–12 months off means you can get back to work sooner if you want, but without the pressure to do so.
Switch to family health cover. Finder analysed the cost of kids and found parents spend an average of $1,391 per year on healthcare and medical costs. Don't wait until your child needs braces to start thinking about health insurance. Switching to a family health insurance plan as soon as possible means not having to worry once your child starts to need a dentist or optometrist.
Get on the front foot with savings. Take advantage of the power of compound interest by setting up a savings account for your child early on. Not only will this help them to build their money over time, but it's also a great way to teach them about the importance of budgeting. To make the most of your little one's money, find a children's savings account that offers bonus interest.
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