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Parents are more concerned about their child purchasing property than affording higher education, a new study shows.
Cartoon Network’s annual New Generations survey of more than 1,000 people reveals that 70 per cent of parents are concerned their child will not be able to afford to purchase property in the future.
It is their primary financial worry regarding their children, ahead of their concerns about their children’s abilities to save money (56 per cent) and afford higher education (50 per cent).
Cartoon Network’s director of research in the Asia-Pacific region, David Webb, said the findings reveal how the lives of Australian children are evolving.
“Every time we conduct this study, it throws up some really valuable insight into the changing lives of Australian children and how they interact with screens and technology. Interestingly, this year, the data also threw light on parental concerns, particularly about their children’s future and the ability to buy property and the importance of financial literacy,” Mr Webb said.
The study, which is primarily conducted to understand children’s media habits, also showcases the concerns parents have regarding their children’s financial understanding and the reliance on banks to provide education.
Forty-two per cent of parents surveyed said banks should be taking the lead on educating children about their financial futures, with almost half saying they would be more likely to open an account with an institution that provided this service.
Despite financial concerns, pocket money increased 7 per cent on last year, bringing it to an average of $556 per child a year.
The New Generations study – now in its 12th year – surveys children aged four to 14 and their parents.
These new findings support earlier research into housing affordability by comparison website finder.com.au, which found a growing number of first home buyers are more worried about missing out on their dream location than saving for a deposit.
And, according to finder.com.au’s national survey in July, 72 per cent of first home buyers fear their ideal location is out of reach.
Other affordability-related fears include paying too much for a property, maintenance costs, values going down after the purchase and qualifying for a home loan.
Finder.com.au spokesperson Bessie Hassan said last month the highest proportion of people worried about buying their first home are aged 30-35.
"One in three Australian first home buyers admitted to needing help from their parents in order to break into the property market, whether this be financially or whether it means having them as a guarantor or landlord.”
[Related: Buying in million-dollar suburbs on a ‘boutique budget’]
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