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COVID-19 Impact On Parents' Financial Preparedness: A Survey Analysis.pdf

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Preview of COVID-19 Impact on Parents' Financial Preparedness: A Survey Analysis
🔗 Source: assets.ctfassets.net
📊 Size: 388 KB
📄 Pages: 12 pages
⬇️ Downloads: 49

Summary

The Policygenius Parents & Money Survey 2021 reveals the financial challenges parents faced during the COVID-19 pandemic. Key findings include:

- Financial Preparedness: Despite the pandemic, 60% of parents feel financially able to raise a child, while 26% feel less prepared. Only 45% reported being initially unprepared for parenthood.
- Age and Financial Readiness: Parents under 35 are slightly more likely (50%) to admit they weren't financially ready for a child compared to those over 35 (43%).
- Gender Disparity: Mothers, who took on more childcare and household responsibilities, are less financially prepared, with 48% admitting they were unprepared.
- Work Changes: The pandemic led 23% of parents or their partners to scale back or quit work entirely to assist with childcare.

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Description

The survey reveals that the COVID-19 pandemic has significantly impacted parents' financial stability, with many feeling less prepared to raise children due to increased expenses and job changes. Over a quarter of parents have dipped into emergency funds, retirement savings, or travel money, while nearly a quarter have reduced work hours for childcare.

Technical Information

  • File Format: PDF
  • File Size: 388 KB
  • Pages: 12
  • Language: EN
  • Total Downloads: 49
  • Last Updated: 2 months ago

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