International Day of Families: Covid-19 prompts parents to step up financial security efforts
The Covid-19 crisis has prompted parents to take steps to improve their financial security, according to Intrum’s annual consumer payments research.
During the 1980's, the United Nations began focusing attention on issues related to the family. The International Day of Families, 15th of May, provides an opportunity to promote awareness of issues relating to families and to increase the knowledge of the social, economic and demographic processes affecting families.
According to Intrum's annual European Consumer Payment Report, a snapshot of consumer views on debt, credit and finance, parents across Europe say they have made improving their financial security a top priority.
Parents in Romania and Poland rank on top
On average, 53 percent of parents said the pandemic had made them realise their finances weren’t as secure as they needed them to be – nine percent higher than the figure for non-parents. The European Central Bank has also reported higher levels of ‘precautionary’ savings as people anticipate unemployment rising in future.
Since the Covid-19 crisis began, improving my financial security has become one of my top priorities (agree):
Since the crisis began, more than half (52%) of parents across Europe say they have made improving their financial security a top priority. Parents in Romania are particularly focused on this goal, with three-quarters (74%) reporting they are making financial security a key focus.
Likewise, around two-thirds of parents in Poland, Portugal, Ireland and Italy see this as a top priority.
Parents in Sweden, France and the UK were much more likely to be concerned about improving their financial security than their peers without children. In these countries there is a significant gap in sentiment between the two groups – as high as 20 percent in Sweden and France.
Though the real effect of the pandemic on payment behaviour is still not certain due to countries introducing government support schemes and creditor forbearance, it is clear that consumers are concerned about the future and are taking action to improve their financial security. This is especially the case for parents, who reported making financial security a top priority.Anette Willumsen, Managing Director CMS Sales & Service Development and Markets