66 per cent of parents believe their children will suffer more financial difficulty than they have in their lives.
The shocking statistic comes as part of Irish Life’s Predicting the Future survey, which also shows that 73 per cent of parents are now taking measures to assist their kids with their finances.
60 per cent of parents surveyed have opened a savings account, ten per cent have put aside money for a wedding or hours and seven per cent have earmarked money for an inheritance.
Irish parents are becoming more proactive with teaching their kids about financial planning too.
69 per cent show their children shopping bills to teach them about budgeting, and 59 per cent encourage their kids to be frugal with their pocket money.
In the minds of parents, financial security is directly linked to their children’s future happiness, but education is their top priority.
72 per cent value education, while 59 per cent believe financial security is integral to their children’s happiness.
Finding a soulmate (45 per cent), starting a family (38 per cent) and home ownership (34 per cent) are also thought to be important by parents.
The research conducted by RED C on behalf of the nation’s largest insurer, show that 200,000 parents are taking action in buying life insurance for their family this year — that’s double the amount that were doing so two years ago.
Irish Life’s head of marketing communications Karl Symes said: ‘We know that while all families are unique, parents really value the peace of mind of being financially prepared for the unexpected things that can happen in family life.
‘To help get started we’re encouraging parents to take five minutes to visit www.irishlife.ie and see how our Family Protection Planner can help.
‘This online tool is a quick and easy way to show you what type of cover you may need to protect your family.’
Irish Life paid out over €171m to more than 2,600 families in 2016 and over €1bn in payments over the last five years for life insurance, specified illness and income protection claims.