- Survey drew reposnes from 1,033 parents with chidlren under the age of 12
- 45% wish to buy a house before parenthood
- Having a stable relationship or being married was a priority for 52% of respondents
Purchasing a property before having a first child is a milestone almost half (45%) Australian parents want to tick off their list before becoming parents, according to a survey conducted by Finder.
The survey drew responses from 1,033 parents with children under the age of 12.
At the top of the list (with 52%), just above buying a house, was to either get married or have a stable relationship.
On the flip side, only 3% of the survey’s respondents found that taking out life insurance was a priority before having children, an extraordinary finding said insurance expert James Martin.
“Starting a family means greater financial obligations – including health costs, childcare and food for your children,” Mr Martin said.
“Life insurance gives you a safety net in the event of unexpected illness or death.
“In case of an accident, you want to make sure your family can afford basic necessities and continue to pay bills or mortgage repayments on time.”
James Martin, Finder insurance expert
“This is especially the case if your family is currently relying on just one income.”
Mr Martin noted that insurance is cheaper when taking out a policy at a younger age – a 35-year-old, for example, a 35-year-old would pay $14 per month for a $1 million policy while increasing to $288 for a 65-year-old.
Around one in eight parents (12%) said they don’t have any milestones before having their first child, with 7% adding their firstborn was unplanned.
Although Covid has thrown travel plans into disarray, almost 1 in 4 Aussie parents prioritise travelling before starting a family.
Gen X was the most likely to find getting married or having a stable relationship a top priority before having children (57% to 35% for gen Z), while gen Z prioritised having a certain level of savings compared to gen X (33% to 19%).