Saturday, January 23, 2010
Category:
Personal Finance Tips
According to Scottish Widows, 21 percent of parents and grandparents do not feel that they are prioritising their children or grandchildren enough.
It would seem that busy working lives and schedules are leaving parents with little time to spend their children.In fact, 34 percent of parents admitted to being concerned about not paying enough attention to their children, whilst 32 percent said they wished they had more time for their friends and family.
Of the parents who are not spending enough time with their families, 31 percent reportedly cited their employment as a reason for their lack of quality time at home. Furthermore, 46 percent of parents and grandparents who do not feel that they make their family a priority revealed that they do not have the time to spare. In relation to finances, the research also showed that 25 percent of parents are worried about overlooking financial security.
Savings expert for Scottish Widows, Alison Morris, commented: "It's clear that families are under pressure, and unfortunately for many parents it's their kids that are suffering. We know that balancing work and family life can be difficult, and with studies showing that 60% of fathers work over 40 hours a week, it's no surprise that parents want to spend more time with their children."
"We understand the pressure parents are under to make enough time for their kids, and we know it's not easy to always prioritise them highly enough. Parents should make sure they plan quality time with their children if they are worried about neglecting these important relationships. Its understandable parents want to work hard to provide for their children's futures, but they could be missing out on spending valuable time with them growing up.
"Taking the time to plan finances now could relieve some of the monetary pressure, as well as giving parent's some precious extra time with their families now and in later years. The fact that so many parents admit they worry about neglecting their children shows how some extra financial planning could ease unnecessary stress and guilt amongst working parents. For those that are able to put money aside for their retirement, the golden rule is to save 12% of your income. Getting your finances in shape will give you peace of mind knowing that you have one less thing to worry about."
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Homeowners who would like to re-organise their finances could consider taking out a secured loan to tie up any existing debts. One of many finance options available, a secured loan for debt
consolidation could leave borrowers with just one monthly repayment as opposed to juggling several. In addition, this single monthly repayment could lower current monthly outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
