What's more important to you - saving for the future or your current lifestyle?
The research conducted on behalf of Santander Insurance found that only one in 10 parents say they want to contribute to their pension and only 18 per cent say they enjoy the mental stimulation they get from working.
Reflecting the rising cost of living or a need to keep up with the Joneses, more than a third of working families say they couldn’t survive on one salary alone, a far cry from the immediate post-war years when almost seven out of 10 households survived on just one income.
Despite this, just one in 10 '21st century parents' has any sort of income protection in place in case they become ill or have an accident and are unable to work or provide for their children.
Income protection is a valuable way of ensuring people who do find they can’t work can continue to keep money coming in, particularly if they have children to think of."
The same amount said that if they did become ill and were unable to work or look after their children, they would either sell their house or sell other valuable possessions.
Richard Al-Dabbagh, at Santander Insurance, said: “It’s pretty worrying that some people who aren’t able to work because of ill health would consider selling their home or valuables to bring in the money to look after their kids. In the current environment this seems a risky strategy to me. There’s no certainty or guarantee that you’ll be able to sell these things when you actually do need money coming in.
“Income protection is a valuable way of ensuring people who do find they can’t work can continue to keep money coming in, particularly if they have children to think of. It doesn’t have to be expensive and is considerably less drastic than having to sell your house or much-loved valuables.”
Santander Income Protection Insurance is designed to cover customers in the event that they cannot work as a result of an accident or illness.
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