Parents doubt children's high standard of living

Jun 28, 2011

A report says parents worry about their children's ability to live comfortably once they're older

A new survey shows parents have real concerns about their children's ability to live comfortably as adults in the future. Some could help their children's financial situation by passing down a life insurance policy.

The survey, conducted by Ipsos, revealed only 41 percent of parents think their kids will have a higher standard of living than they have themselves. Additionally, 63 percent of respondents said they believe teaching their child the importance of financial planning and savings could be the best way for them to ensure their child's standard of living remains high after they grow up and live on their own.

"The survey clearly indicates parents are worried about what the future holds for the next generation. This worry for future generations can be addressed in the present with," said Chris Blunt, an executive with one national insurance company, in response to the survey.

Parents could make use of a current two-year window in which they are allowed to pass down $5 million for an individual or $10 million for a couple to their children without paying taxes. Those amounts will shrink considerably after 2012, meaning now's an optimal time to arrange to have life insurance payouts passed down in the future.

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