Third delay family plans due to cost: Mortgage Choice
Over one in three Australians will delay plans to have children because of the costs of raising a family, according to new findings by Mortgage Choice.
Findings from Mortgage Choice's inaugural Financial Confidence survey have shown that 34.9 per cent of surveyed respondents found the cost associated with having children as "so high" that it is has forced a rethink of family plans, with almost half of all respondents saying they would have to rely on their spouse or partner for money if they took parental leave.
The online survey gauged the thoughts of 1,113 Australians and was completed last month.
Mortgage Choice chief executive officer John Flavell said the data was "unsurprising" given that the cost of living and property prices continue to rise year on year.
"Our data shows more than 85 per cent of Australians have seen their day-to-day expenses rise substantially over the last 12 months," Flavell said.
The survey found that over half (56.7 per cent) of those with children believed they were not "financially prepared for a family", Flavell said.
The comments come in light of research by fintech Map My Plan conducted last month that found over half (58 per cent) of working Australians have less than three months of emergency savings.
Mortgage Choice said that making financial plans, adhering to manageable budgets and paying off debt — such as personal and car loans — should be seen as key priorities for families in their preparation for parenthood
"Given that the cost of living is rising and there are costs associated with having children, it is little wonder why more than one third of Australians are actively pushing their family plans back," Flavell said.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
