The amount expectant parents are spending on preparing for their new arrival is up 18% since 2012, a study1 has found. According to the research, the average spend is now £1,645.
But there appears to be one thing that the majority of parents-to-be are forgetting – life insurance. In fact, just 27% of new parents are financially protected if one of them were to die.
There are many costs associated with having a child and it’s probably unlikely that you would be able to cover these should you lose a major source of income. While the majority of parents are making provision for their child’s future financial security, with nearly six in ten opening savings accounts for their baby, it appears that less are considering how they would manage financially right now if the worst happened.
With a new family member on the way, protecting yourself financially is more important than ever, to ensure that your baby would stay safe, be well cared for and have a roof over their head if you were no longer here.
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