Brood Before Business ?

New research from Confused.com reveals dads are putting their careers on hold because of their children.

With news that Prince William will not be renewing his post at RAF Valley on Anglesey to spend more time with his family, leading insurance price comparison websiteConfused.com has found a trend of new dads also happily applying the brakes to their career. Yet, more than half (51%) of fathers could be putting their families at risk as they admitted to having no savings or life insurance in place.

While official employment statistics say men now make up nearly 10 per cent ofprimary care givers, new research from Confused.com has found that 86% of dads who choose to remain in employment lose their taste for climbing up the career ladder, in favour of spending time at home with their family.

Men living in the North East are most likely to apply the career brakes, with 91% saying they no longer regard getting ahead at work as a priority. By contrast a quarter (25%) of fathers in Northern Ireland who say they are still burning the midnight candle in the office, putting their career first. 

While ambition gets put on hold for most new fathers, 51% are potentially putting their families at financial risk by not having savings or life insurance in place. 

The research also revealed that Welsh fathers are the least likely to have life insurance with 60% admitting to having no life cover in place to protect their family in case the worst happens. Data from Confused.com says nearly a quarter of men (22%) said they put off getting life insurance because it isn't something they want to think about.*** When it came to savings, Northern Irish fathers were the least likely to have any in place.

As well as dialling down their career, the research also found pre-baby lifestyle habits fathers most commonly sacrifice include staying out late with friends, as 51% of men admitted to cutting down on this. Nearly half (49%) admit to spending less on gadgets and clothes and 43% have given up their Friday night drink with colleagues.

Yet one habit that remains a constant is social media. Nine in ten fathers revealed fatherhood has not infringed on time spent on the likes of Facebook and Twitter, which may be owing to a trend of sharing baby photos with friends online. 

Matt Lloyd, Head of Life Insurance at Confused.com said: 

"I know from experience that having a new family can give you a different perspective on life and encourage you to re-evaluate priorities. Life with young children is hectic and it's understandable that careers and decisions can get put on the back burner. However, the reality is that with no life insurance in place or financial savings, families are left with very little security should something unexpected happen, or indeed a parent dies.

Life insurance can be taken out for £3.50 a month**, a small price to pay for peace of mind that families will be protected if the worst was to happen."

Nationwide research of 1,587 fathers conducted by OnePoll  (6th Aug) 

**Price based on a non-smoking 25 year old male insured over 25 years for £70,000 of cover on a decreasing term policy, postcode CF10 1PZ. Prices correct on 16/08/2013

***2,000 British parents with at least one child aged 0 - 16 years-old (15th July 2013)

Article via www.dadzclub.com

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