Sorry, Kids: Parents Have Little Hope for Your Financial Future

Sorry, Kids: Parents Have Little Hope for Your Financial Future
Photo (cc) by vastateparksstaff

Part of the American Dream involves parents giving their children a better life. But a new survey reveals that many adults believe that vision is fading.

Just 13 percent of adults think the next generation will have more disposable income than adults today, according to Haven Life Insurance Agency’s 2015 Next Generation Reality Report.

More than 50 percent of those surveyed believe the next generation will have less disposable income.

Yaron Ben-Zvi, Haven Life co-founder and chief executive, states in a press release:

“For the baby boomer generation, pocket money from mom and dad was only part of their early childhood. Today’s parents are increasingly prepared to worry about and provide for their children’s financial well-being well far into their adulthoods.”

The survey was conducted by research firm YouGov, which polled more than 1,100 adults in the U.S.

The report also found that only 20 percent of adults believe the next generation will have a better quality of life than adults have today, with quality of life defined as happiness and well-being.

Haven Life’s report does not speculate about the possible reasons why so many people have a gloomy outlook on their children’s future finances or quality of life.

However, Ben-Zvi notes that “high living costs and loan burdens [are] now a part of normal, everyday life for today’s expectant parents.”

The good news is that 2 out of 3 respondents believe the next generation will have healthier lifestyle habits than adults do today. More than half also believe the next generation will be more racially or ethnically diverse.

Do you think your children will be better or worse off than you financially? Share your thoughts below or on our Facebook page.

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