New research commissioned by ING Australia has found that 63% of surviving partners and children had less than a one week warning of the death of a parent.
This finding is included in ING’s ‘Picking up the Pieces’ Report, which surveyed over one thousand Australians.
… two in three families had little time to plan should one partner pass away unexpectedly
Commenting on the fact that most surviving partners and children had less than one week’s warning of the death of a parent, ING Australia General Manager Insurance, Gavin Pearce, said this statistic highlights that two in three families had little time to plan should one partner pass away unexpectedly.
Other key findings from the report highlight the financial and emotional impact, particularly on children, if a parent dies without having made adequate provisions:
- Of the children who had to change schools due to financial pressure:
- 69% suffered from diagnosed clinical depression
- 75% suffered from depression, anxiety or panic attacks
- 78% said their academic performance suffered
- Of the children who had to move house due to financial pressure:
- 73% said that their family was unable to support them as much as they would have if a parent hadn’t passed away
- 64% said their academic performance suffered
- 64% saw their involvement in school activities decline
- 78% of those who did not have insurance agreed that in hindsight, it would have helped if their parent/partner had had life insurance
Mr Pearce said the report provides decision makers across the insurance industry, government and community groups, access to new research to better engage with and inform Australian parents.
ING will be launching a media and PR campaign for advisers and the public, based on the findings from this report. The media campaign will place a particular focus on womens’ publications, while support for advisers will include:
- Promotional kits
- Seminar presentations
- Lead letters
- Newsletter articles
- Media releases
“Planning for the unexpected is a critical part of good parenting and our financial advisers will now be even better equipped to discuss these issues with their clients, to determine how to best provide for their family’s future,” said Mr Pearce.